Senator Brown Urges Fed to Tighten Bank Regulations, Pause Rate Hikes
- Republicans blaming bankers, regulators, Biden, not 2018 law
- Getting Congress to act will be difficult with steep divide
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Senate Banking Chairman Sherrod Brown said Tuesday that he sees little chance Congress will tighten bank regulations following the collapse of Silicon Valley Bank and Signature Bank, and is urging the Federal Reserve to act unilaterally to impose tougher regulations and pause interest rate increases.
Brown, an Ohio Democrat, blamed the bank failures, at least in part, on Republicans and some of his fellow Democrats for rolling back regulations in a 2018 law. He said he has been talking to the Fed about addressing regulation directly.