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Rep. Sherman outlines package on bank accounting reforms, China risk disclosures and limits on federal involvement in crypto
Summary
Representative Brad Sherman presented a package of proposals on bank accounting, China‑related disclosure requirements and limits on federal involvement in cryptocurrencies during Member Day testimony to the House Financial Services Committee.
Representative Brad Sherman used Member Day testimony to detail several legislative proposals aimed at tightening bank accounting and market disclosures and limiting federal exposure to cryptocurrencies.
Sherman said the Bank Safety Act would change how banks treat long‑term securities and address the accounting treatment that he said contributed to recent failures. “This is exactly what Silicon Valley bank did. And…
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