The United States House Financial Services Committee has introduced 11 bills aimed at addressing major bank failures. The proposed legislation includes measures to impose fines and ban bank executives from future work in the industry should they ‘negligently contribute to their bank’s failure’. The bills also suggest giving regulators authority to prohibit bank executives from selling stock under certain circumstances, expanding banks’ stress testing requirements, and restricting bonus payments to bank executives.
Although some lawmakers have pointed to digital assets as contributing to bank failures, Rep. Maxine Waters, who drafted the legislation, did not mention crypto or blockchain specifically. It is unclear which bills have a chance of bipartisan support. Rep. Waters has called for coordination and cooperation between government agencies and lawmakers to address crypto regulation.