Following the notable failures of Silicon Valley Bank and Signature Bank and the industry bailout of First Republic Bank, a renewed discussion of banking regulation is likely to dominate Sunday morning talk shows this weekend.
Silicon Valley Bank and Signature Bank collapsed within days of each other over the weekend, making them the second and third-largest bank failures in U.S. history.
With First Republic Bank appearing to be in jeopardy, a group of 11 major banks announced Thursday they would deposit $30 billion in First Republic to stabilize the financial system.
Turmoil within the banking system has reignited calls for tighter banking regulation, spearheaded by Senator Elizabeth Warren (D-Massachusetts). Warren will appear on Sunday shows this weekend, including ABC’s “This Week,” NBC’s “Meet the Press,” and CBS’ “Face the Nation.”
Progressives in Massachusetts are pushing for the repeal of a 2018 law that rolled back regulations introduced in the wake of the 2008 financial crisis. The law raised the threshold for banks to be subject to federal scrutiny from $50 billion to $250 billion in assets.
The three mid-sized banks in question last week (Silicon Valley Bank, Signature Bank and First Republic Bank) all fell below the $250 billion threshold.
“These bank failures are the reason Congress and the government [Federal Reserve] Since 2018, they have done their job and maintained strong banking regulation,” Warren said. New York Times editorial Published on Monday. “SVB and signatures are gone. Washington must act quickly to prevent the next crisis.”
Warren, along with Rep. Katie Porter (California Democrat), introduced legislation this week that would repeal parts of the 2018 law. However, it may encounter opposition among Republicans and some Democrats. The 2018 law passed with Democratic support in both the House and Senate.
House Financial Services Chairman Patrick McHenry, RN.C., who is set to join CBS’ “Face the Nation” on Sunday, said in a tweet Thursday that “parts of Washington” are facing the issue. accusing him of “advancing a personal agenda.”
“It’s my responsibility as chairman of the Financial Services Commission to find out what happened,” he said in an interview with CNN. “Then you can decide which way to go. There are many different theories here — there are management failures, oversight or regulation theories, regulation failures, law failures.”
He also pointed to the problems of inflation and rising interest rates. The recent bank failures appear to be the result of the Federal Reserve’s recent interest rate hikes as part of an effort to curb inflation.
Sen. Mike Lowndes (RS.D.), a member of the Senate Committee on Banking, Housing and Urban Affairs, likewise urged caution when discussing possible regulation this week. Rounds says he’ll be on NBC’s “Meet the Press” on Sunday.
“Better get good data first. Let’s not have a knee-jerk reaction,” he told Bloomberg on Monday. We can determine if something needs to change and if regulators have actually taken advantage of the data currently available.”
The looming indictment of former President Trump is also likely to be a topic of discussion on the Sunday show circuit this weekend.
In a post on Truth Social on Saturday, Trump opened up an investigation into Manhattan District Attorney Alvin Bragg’s alleged hush-money payments made by the former president to adult film star Stormy Daniels during the 2016 presidential election. suggested that he would be arrested next week as part of the
Former president claims ‘illegal leak’ shows ‘U.S. Republican candidate and former president will be arrested next Tuesday’, calls for protests to ‘take back our country’ rice field.
Bragg reportedly offered Trump the opportunity to testify before a grand jury in the case, and appears to be nearing an indictment. The former president’s lawyers said he declined the offer.
Trump’s allegations on Saturday drew an immediate reaction from Republican lawmakers, who suggested such a move would be “politically motivated” and constitute an “abuse of power.”
Below is the full list of guests scheduled to appear on this Sunday’s talk show.
ABC’s “This Week” — Former Vice President Mike Pence. Senator Elizabeth Warren (Democratic Massachusetts)
NBC’s “Meet the Press” — Warren; Senator Mike Rounds (RS.D.)
CBS “Face the Nation” — Warren; Congressman Patrick McHenry (RN.C.)
CNN’s “State of the Union Address” — Senator Mark Kelly (D-Arizona); Governor Chris Sununu (RN.H.); Rep. Nanette Barragan (D-California)
“Fox News Sunday” — John Kirby, spokesman for the White House National Security Council; Sen. Chris Van Hollen (D., Md.); Mohamed El-Erian, Chief Economic Advisor, Allianz
“Sunday Morning Futures” on Fox News Channel — Rep. James Comer (R-Kentucky) and Bryon Donalds (R-Flat); Senators Tom Cotton (R-Ark) and Rick Scott (R-Hula)
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