If enacted, the bill would put banks with at least $50 billion in assets back under strict Federal Reserve oversight and make them subject to Dodd-Frank Act stress tests. Katie Porter (D-Calif.) introduced a bill to repeal rollbacks in banking regulations that was enacted during the Trump administration. The pair of bank closures over the weekend has raised concerns in the banking industry, and has prompted some lawmakers to call for reform. “Without speaking to any individual entity or person, we will investigate and bring enforcement actions if we find violations of the federal securities laws.” “In times of increased volatility and uncertainty, we at the SEC are particularly focused on monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors, capital formation, or the markets more broadly,” he said. Leaked documents offer fascinating insights into Russian cyber warfare The FDIC and the SEC declined to confirm the report to The Hill, but a SEC spokesperson pointed to SEC Chair Gary Gensler’s statement on Sunday about current market events. The FDIC only insures up to $250,000 per customer account if a bank fails. The bank had $89 billion in deposits end of last year, according to the department, but more than $79 billion of those deposits were not insured by the Federal Deposit Insurance Corporation (FDIC), The New York Times reported. Signature Bank was seized by The New York Department of Financial Services on Sunday “to protect depositors” after its customers withdrew billions from the bank after the Silicon Valley Bank collapsed on Friday.
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