WASHINGTON — House Democrats on Wednesday will release a slate of reform bills in response to the recent bank failures that triggered the worst crisis for the sector since 2008.
"The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank make clear that it is past time for legislation aimed at strengthening the safety and soundness of our banking system and enhancing bank executive accountability," she said.
President Joe Biden called for these actions shortly after the FDIC took over SVB and Signature Bank in March.
The bill would have prevented SVB bank executives from cashing out after repeated warnings by regulators, according to Democrats.
Neither Signature Bank nor SVB had a bank holding company before they collapsed.
Persons:
Maxine Waters, Dodd, Frank, Waters, Joe Biden, Nydia Velazquez, Brad Sherman, Juan Vargas, David Scott, Al Green, Sylvia Garcia of, Emanuel Cleaver, Joyce Beatty, Steven Horsford, Rashida, Velazquez, Sherman, Cleaver, Beatty, Frank Act's, SVB, Vargas, Garcia, Tlaib, Banks, Sean Casten, Josh Gottheimer, Ritchie Torres, Wiley Nickel, Stephen Lynch, Brittany Pettersen
Organizations:
Financial Services, Washington , D.C, WASHINGTON —, Democrats, Financial Services Committee, Treasury Department, Federal Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Banking Committee, Valley Bank, First Republic Bank, FDIC, Democratic, Sylvia Garcia of Texas, Republicans, Sound Banking, Prudential, prudential, Bank, Green, Sherman, Rep, Federal, Office, Federal Reserve, FAIR, Tlaib, Safety, Sherman .
Locations:
California, Washington ,, New York, Georgia, Missouri, Ohio, Michigan, Green, Horsford, H.R, Silicon, Illinois, New Jersey, North Carolina, Colo