In the wake of the Silicon Valley (SIVB) and Signature Bank (SBNY) failures, attention is again shifting to Congress and the prospect of tougher banking laws. The House Financial Services Committee will be at the center of any new rules and regulations being proposed as it oversees banking, including deposit insurance and federal monetary policy.
Yahoo Finance spoke to three key House Financial Services Committee members, GOP Congressman Bryan Steil and Democrats Maxine Waters and Brad Sherman, who are re-examining the current regulations and proposing how Washington should be recalibrating its response going forward.
Democrats are primarily blaming the easing of some bank regulations while the Federal Reserve is under fire from Republicans for its path of aggressive interest rate hikes and the role those hikes played in the banking turmoil.
Key video moments:
0:20 Rep. Maxine Waters on next steps
0:48 Rep. Bryan Steil on root causes
1:12 Rep. Brad Sherman on tougher regulation