Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced the following Democratic-led, bipartisan bills that passed during yesterday’s full Committee markup aimed at safeguarding consumers and taking steps to prevent additional bank failures following the collapse of Silicon Valley Bank, First Republic, and Signature Bank last year.
H.R. 4206, the "Bank Safety Act," led by Congressman Brad Sherman (D-CA). This bill would prevent large banks with more than $100 billion in total assets from opting out of the requirement to recognize Accumulated Other Comprehensive Income (AOCI) in regulatory capital, codifying a key reform banking regulators have proposed to strengthen the safety and soundness of large banks following last year’s regional bank failures.
H.R. 4116, the "Systemic Risk Authority Transparency Act," led by Congressman Al Green (D-TX). This bill would codify the same kind of transparent, robust, and rapid reporting that the Federal Reserve, FDIC, and GAO provided shortly after last year's regional bank failures, in the event of any future bank failures.
