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U.S. Senate's banking panel chairman: Congress unlikely to tighten banking rules

Published 03/14/2023, 05:43 PM
Updated 03/14/2023, 06:11 PM
© Reuters. FILE PHOTO: U.S. Senator Sherrod Brown (D-OH) listens to U.S. Treasury Secretary Janet Yellen give an opening statement before a Senate Banking, Housing and Urban Affairs Committee hearing on “Financial Stability Oversight Council Annual Report to Congr
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© Reuters. FILE PHOTO: U.S. Senator Sherrod Brown (D-OH) listens to U.S. Treasury Secretary Janet Yellen give an opening statement before a Senate Banking, Housing and Urban Affairs Committee hearing on “Financial Stability Oversight Council Annual Report to Congress,” on Capitol Hill in Washington, U.S., May 10, 2022. REUTERS/ Elizabeth Frantz/Pool

WASHINGTON (Reuters) - The U.S. Congress should enact financial regulations to strengthen stress tests and capital and liquidity standards for banks, Senate Banking Committee Chairman Sherrod Brown said on Tuesday, but he added prospects remained low for such a step.

Brown, an Ohio Democrat, told Bloomberg TV that prospects were low for the Congress to stiffen financial regulations after the failures of Silicon Valley Bank and Signature Bank (NASDAQ:SBNY).Brown added that he hoped the Federal Reserve would not raise rates when it meets March 21 and 22.

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