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Members pitch wide range of bills on bank accounting, China risk, crypto bailouts, housing and oversight
Summary
Several members presented a broad set of proposed bills during the Financial Services Committee's member-day hearing, covering bank accounting, China risk disclosure, crypto restrictions, housing and transparency for systemic-risk actions.
Several members used their allotted time on member day to present a slate of legislative ideas spanning bank accounting, China-related investment risk, crypto policy and housing and oversight reforms.
Representative Brad Sherman described a Bank Safety Act aimed at changing how banks account for long-term securities so that interest-rate losses are recognized more promptly. Sherman said the current treatment encouraged banks to favor long-term securities over loans to small businesses because interest-rate risk is not treated the same as credit risk, and he cited Silicon Valley Bank as an example. He…
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