Silicon Valley Bank: Congress eyes next steps after bank failures

March 13, 2023

The second and third largest bank collapses in U.S. history — coming in rapid succession — are prompting a reckoning within Congress about the state of the U.S. financial system. Why it matters: The vast majority of members of Congress came into office after the 2008 financial crisis. With the federal regulators stepping in to protect depositors of Silicon Valley Bank and Signature Bank, lawmakers are weighing long-term steps to avert similar collapses. What they're saying: House Democrats from the states most affected by the bank collapses, in interviews with Axios, floated large-scale financial reforms and hearings. The state of play: The Senate doesn’t return to session until Tuesday and the House is out on recess all week.