Photo: YouTubeWASHINGTON, D.C. – Building on his proven leadership as a member of the House Committee on Financial Services, U.S. Representative Ritchie Torres (NY-15) today announced he is filing three new pieces of federal legislation following the failures of Silicon Valley Bank in California and Signature Bank in his home state of New York – the “Critical Bank Review Act”, the “Financial Stability Mandate Act”, and the “Emergency Liquidity Act”. The “Critical Bank Review Act” requires the U.S. Treasury Department, in consultation with banking regulators, to take inventory of and designate certain financial institutions as “sectorially critical”. Those identified institutions, under the legislation, would receive a higher level of federal oversight and regulatory supervision to help safeguard and insulate America’s critical sectors from a potential future bank collapse. Those sectors include but are not limited to defense industrial base, emergency services, nuclear reactors, materials, and waste, and communications. The “Emergency Liquidity Act” requires the Board of Governors of the Federal Reserve to establish and maintain a permanent emergency lending program to provide member banks and other depository institutions with short-term liquidity against long-term assets.

Source: Ethiopian News March 18, 2023 04:51 UTC