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Joe Biden - John Thune - Bank failures, bailouts divide Congress on next steps - fox29.com - Usa - Washington - state Ohio - city Washington - state South Dakota
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Bank failures, bailouts divide Congress on next steps
WASHINGTON (AP) - Bills were filed, hearings were planned and blame was cast as Congress reacted this past week to the abrupt failure of two banks. A look at what lawmakers are saying and planning as the fallout continues from the collapse of Silicon Valley Bank and Signature Bank.While President Joe Biden called Monday on Congress to strengthen the rules for banks to prevent future failures, lawmakers are divided on whether any legislation is needed.Some congressional leaders are skeptical that a closely divided Congress will act at all."There’s people who are going to choose bills, but I cannot imagine that, with the hold banks have on Republican members of Congress, that we can pass anything significant," said Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking, Housing and Urban Affairs Committee.Republicans say the laws already in place were sufficient to prevent the bank failures, if only regulators had done their job by spotting obvious problems and directing the banks to take steps that would reduce their risk."If there are ideas out there that people have, you know, at some point, we would be willing to entertain those, but I think it would be premature to start talking about solutions before we fully define the problem and ultimately get answers from the regulators about why they were asleep at the job," said Sen.
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