After two historic US bank failures, here’s what comes next
1 year, 9 months ago

After two historic US bank failures, here’s what comes next

Associated Press  

WASHINGTON — Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe. Over the last three days, the U.S. seized the two financial institutions after a bank run on Silicon Valley Bank, based in Santa Clara, California. Silicon Valley Bank had already been hit hard by a rough patch for technology companies in recent months and the Federal Reserve’s aggressive plan to increase interest rates to combat inflation compounded its problems. That forced the bank to sell a chunk of its bonds at a steep loss, and the pace of those withdrawals accelerated as word spread, effectively rendering Silicon Valley Bank insolvent. The Federal Reserve, the U.S. Treasury Department, and Federal Deposit Insurance Corporation decided to guarantee all deposits at Silicon Valley Bank, as well as at New York’s Signature Bank, which was seized on Sunday.

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History of this topic

CEOs of the nation’s biggest banks warn that new regulations could harm the economy
1 year ago

CEOs of the nation’s biggest banks warn that new regulations could harm the economy

Associated Press  

NEW YORK — The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated, warning that the new proposals could negatively impact the economy at a time of geopolitical turmoil and inflation. Whereas in previous years the bank CEOs used …

With ‘everybody else’ dead or gone, a Pasadena bank grows
1 year, 4 months ago

With ‘everybody else’ dead or gone, a Pasadena bank grows

LA Times  

Dominic Ng, Chairman and CEO of Pasadena-based East West Bancorp, speaks at a conference in 2011 in New York. From his office in Pasadena, Dominic Ng watched as California banks fell like dominoes — first crypto-friendly Silvergate Capital down near San Diego in early March, then Silicon Valley Bank up north days later, followed by San Francisco’s First Republic Bank …

Silicon Valley Bank to cut 3% of its workforce
1 year, 7 months ago

Silicon Valley Bank to cut 3% of its workforce

Live Mint  

Silicon Valley Bank, once a prominent player in the banking industry, has faced a significant setback as it succumbed to financial difficulties and subsequently went under. The CEO of First Citizens Bank, Frank Holding, clarified that these job cuts would primarily affect ‘select’ corporate roles within Silicon Valley Bank. In a subsequent turn of events, a lawsuit filed by First …

Bank execs blame panicked depositors for Silicon Valley, Signature failures, but senators blame them
1 year, 7 months ago

Bank execs blame panicked depositors for Silicon Valley, Signature failures, but senators blame them

Associated Press  

NEW YORK — Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, instead using their time to assign blame to events they said were largely out of their control. Greg Becker, Silicon Valley Bank’s former CEO, took the brunt of the criticism from committee members, although …

Heads of failed banks refuse to accept blame, defend their pay and bonuses
1 year, 7 months ago

Heads of failed banks refuse to accept blame, defend their pay and bonuses

LA Times  

Gregory Becker, left, former CEO of Silicon Valley Bank, testifies with Scott Shay, former chairman and co-founder of Signature Bank, and Eric Howell, former president of Signature Bank, during a Senate hearing on Capitol Hill on Tuesday. Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, …

California bank regulator finds own faults in bank’s demise
1 year, 7 months ago

California bank regulator finds own faults in bank’s demise

Associated Press  

NEW YORK — California’s bank regulator said Monday that it was too slow to see the growing risks at Silicon Valley Bank and did not act forcefully enough to get the bank to fix its problems. A report from the California Department of Financial Protection and Innovation echoed similar findings in a Federal Reserve report looking at its own supervision …

California regulator cites social media, digital banking as key factors in Silicon Valley Bank’s failure
1 year, 7 months ago

California regulator cites social media, digital banking as key factors in Silicon Valley Bank’s failure

LA Times  

California’s chief banking regulator took its fair share of blame Monday for Silicon Valley Bank’s collapse, admitting that the department was slow to demand fixes at the troubled institution — too slow for an era in which social media and mobile banking could combine to drive an unprecedented run on the bank’s deposits. “While many internal factors made Silicon Valley …

The banking crisis isn’t over. But how bad will it get?
1 year, 7 months ago

The banking crisis isn’t over. But how bad will it get?

Associated Press  

NEW YORK — Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon this week that the worst of the recent crisis is over and the health of the banking system remains strong. A renewed sell-off Thursday focused on PacWest Bancorp and Western Alliance Bancorp, two smaller regional banks whose shares have …

Former CEOs of failed banks to testify before Senate panel
1 year, 7 months ago

Former CEOs of failed banks to testify before Senate panel

Associated Press  

WASHINGTON — The former top executives of two failed banks will testify before Congress this month as lawmakers dig into what caused a series of collapses at mid-sized financial institutions. The Senate Banking Committee indicated Tuesday that it will hold a hearing May 16 with Silicon Valley Bank’s former CEO, Gregory Becker, as well as Signature Bank’s former chairman and …

Bank stocks continue to fall following First Republic demise
1 year, 7 months ago

Bank stocks continue to fall following First Republic demise

Associated Press  

NEW YORK — Regulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail. Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks such as Western Alliance Bank, PacWest Bancorp, Comerica and Zions …

First Republic Bank sold to JPMorgan Chase: What you need to know
1 year, 7 months ago

First Republic Bank sold to JPMorgan Chase: What you need to know

Firstpost  

The federal government seized First Republic Bank and sold it to JPMorgan Chase on Monday, ending the lender’s six-week-long free fall and reassuring depositors that their money is safe. First Republic Bank’s failure had much the same roots as the collapses of Silicon Valley Bank and Signature Bank — spooked depositors and investors pulling their money and selling their shares …

Why First Republic failed. Are other banks to follow?
1 year, 7 months ago

Why First Republic failed. Are other banks to follow?

Associated Press  

First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks. Like Silicon Valley Bank, which was seized by the government on March 10, First Republic catered to a wealthy clientele, which helped it grow deposits rapidly but may have also contributed to its undoing. What’s more, the large …

First Republic collapses: Are other US banks at risk?
1 year, 7 months ago

First Republic collapses: Are other US banks at risk?

Hindustan Times  

First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks. Like Silicon Valley Bank, which was seized by the government on March 10, First Republic catered to a wealthy clientele, which helped it grow deposits rapidly but may have also contributed to its undoing. What's more, the large …

First Republic Bank seized, sold in fire sale to JPMorgan
1 year, 7 months ago

First Republic Bank seized, sold in fire sale to JPMorgan

Associated Press  

NEW YORK — Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to end the turmoil that has raised questions about the health of the U.S. banking system. First Republic’s 84 branches opened on …

Why First Republic failed. Are other banks to follow?
1 year, 7 months ago

Why First Republic failed. Are other banks to follow?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy First Republic Bank has become …

The three banks that have failed this year are bigger than the 25 that crumbled in 2008
1 year, 7 months ago

The three banks that have failed this year are bigger than the 25 that crumbled in 2008

Daily Mail  

The three American banks that have failed so far this year are bigger than the 25 that collapsed in 2008, data shows. Officials announced Monday that they have closed San Francisco-based First Republic Bank, making it the third major US bank to collapse in the past two months after Silicon Valley Bank and Signature Bank crumbled in March. Officials announced …

Here's what you need to know about bank failures
1 year, 7 months ago

Here's what you need to know about bank failures

Hindustan Times  

Recent turmoil in the banking industry may have you worried about your money. If you have over $250,000 in individual accounts at one bank, which most people don't, the amount over $250,000 is considered uninsured and experts recommend that you move the remainder of your money to a different financial institution, said Caleb Silver, editor in chief of Investopedia, a …

US Regulators Seize Assets Of First Republic Bank, To Be Sold To JPMorgan
1 year, 7 months ago

US Regulators Seize Assets Of First Republic Bank, To Be Sold To JPMorgan

ABP News  

First Republic Bank's assets were taken over by the US regulators and will be acquired by JPMorgan Chase after rescue efforts failed to undo the damage from wrong-way investments and depositor runs that have roiled regional lenders, news agency Bloomberg reported on Monday. BREAKING: First Republic Bank has officially been closed by regulators, making it the second biggest bank failure …

Regulators seize First Republic Bank, sell to JPMorgan Chase
1 year, 7 months ago

Regulators seize First Republic Bank, sell to JPMorgan Chase

The Hindu  

Regulators seized troubled First Republic Bank early on May 1 and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S. San Francisco-based First Republic is the third midsize bank to fail in two months. The Federal Deposit Insurance Corporation said early on May …

First Republic Bank's fate is in limbo as US regulators consider bids from PNC, Chase and Citizens
1 year, 7 months ago

First Republic Bank's fate is in limbo as US regulators consider bids from PNC, Chase and Citizens

Daily Mail  

Regulators searched for a solution to First Republic Bank's woes over the weekend, hoping to find a way forward before U.S. stock markets open on Monday. San Francisco-based First Republic has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, as investors and depositors grew increasingly worried the bank may not survive as an independent …

Opinion: It’s not just First Republic that failed. It’s the whole banking system
1 year, 7 months ago

Opinion: It’s not just First Republic that failed. It’s the whole banking system

LA Times  

First Republic Bank became the second-biggest bank failure in U.S. history after the lender was seized by the Federal Deposit Insurance Corp. and sold to JPMorgan Chase on Monday. The collapse of Silicon Valley Bank and now First Republic underscores how the effect of risky decisions at one bank can quickly spread into the broader financial system. At Silicon Valley …

Fed faults Silicon Valley Bank execs, itself in bank failure
1 year, 7 months ago

Fed faults Silicon Valley Bank execs, itself in bank failure

Associated Press  

WASHINGTON — The Federal Reserve blamed last month’s collapse of Silicon Valley Bank on poor management, watered-down regulations and lax oversight by its own staffers, and said the industry needs stricter policing on multiple fronts to prevent future bank failures. “While higher supervisory and regulatory requirements may not have prevented the firm’s failure, they would likely have bolstered the resilience …

Silicon Valley Bank: US Fed calls for tougher bank rules after SVB collapse
1 year, 7 months ago

Silicon Valley Bank: US Fed calls for tougher bank rules after SVB collapse

Live Mint  

The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank last month. "Following Silicon Valley Bank's failure, we must strengthen the Federal Reserve's supervision and regulation based on what we have learned," Federal Reserve vice chair for supervision Michael Barr wrote in …

Fed Admits to Failures in Oversight of Silicon Valley Bank Collapse in New Report
1 year, 7 months ago

Fed Admits to Failures in Oversight of Silicon Valley Bank Collapse in New Report

News 18  

The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank last month. “Following Silicon Valley Bank’s failure, we must strengthen the Federal Reserve’s supervision and regulation based on what we have learned,” Federal Reserve vice chair for supervision Michael Barr wrote in …

Congress Helped Set Stage For Silicon Valley Bank’s Failure, Federal Reserve Says
1 year, 7 months ago

Congress Helped Set Stage For Silicon Valley Bank’s Failure, Federal Reserve Says

Huff Post  

LOADING ERROR LOADING WASHINGTON ― After the failure of Silicon Valley Bank in March, Senate Banking Committee member Sen. John Kennedy asked on the Senate floor, “Where were the regulators?” On Friday, the regulators responded ― with a reminder that Kennedy and other lawmakers told them to go easy on institutions like Silicon Valley Bank. In a lengthy and highly …

Fed blames itself for Silicon Valley Bank collapse
1 year, 7 months ago

Fed blames itself for Silicon Valley Bank collapse

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Silicon Valley Bank failed …

The Surprising Risk That Turbocharged a $142 Billion Bank Run
1 year, 7 months ago

The Surprising Risk That Turbocharged a $142 Billion Bank Run

Live Mint  

Tony Cookson didn’t know much about Silicon Valley Bank before Silicon Valley Bank collapsed. Their buzzy new working paper presents compelling evidence that social media like Twitter didn’t simply expose the risks of a bank run. Of course, not every bank’s depositors include startup founders and venture capitalists with sizable online followings, and social media wasn’t the only risk that …

Regulators to Publish Postmortems on Silicon Valley Bank, Signature Failures
1 year, 7 months ago

Regulators to Publish Postmortems on Silicon Valley Bank, Signature Failures

Live Mint  

Washington regulators plan to release postmortems of their oversight of Silicon Valley Bank and Signature Bank before they abruptly collapsed last month, potentially highlighting missteps by both banks’ management and their federal supervisors. FDIC Chairman Martin Gruenberg recently said that banks with large amounts of uninsured deposits face challenges, “particularly in today’s environment where money can flow out of institutions …

First Republic may not survive, even after two multibillion-dollar bailouts
1 year, 7 months ago

First Republic may not survive, even after two multibillion-dollar bailouts

CNN  

New York CNN — First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. Investors who are buying First Republic stock are clinging to the hope “that a bailout package spearheaded by the largest US banks will leave something left …

First Republic clients pulled $100B in deposits during panic
1 year, 8 months ago

First Republic clients pulled $100B in deposits during panic

Associated Press  

NEW YORK — Depositors at First Republic Bank pulled more than $100 billion out of the bank during last month’s crisis, as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank. San Francisco-based First Republic said Monday that it was only able to staunch the bleeding after a …

Column: Love it or hate it, the Silicon Valley Bank bailout won’t cost taxpayers a cent
1 year, 8 months ago

Column: Love it or hate it, the Silicon Valley Bank bailout won’t cost taxpayers a cent

LA Times  

The collapse of Silicon Valley Bank raised questions anew about how and whether to bail out failed financial institutions. As investment manager and financial commentator Barry Ritholtz observed in his 2009 book “Bailout Nation,” the proper solution to the banking crisis was obvious: “Put the insolvent banks into FDIC receivership, fire management. “First,” he wrote, “there is something inherently unjust …

Insider Q&A: Lindsey Johnson of the Consumer Bankers Assoc.
1 year, 8 months ago

Insider Q&A: Lindsey Johnson of the Consumer Bankers Assoc.

Associated Press  

NEW YORK — Lindsey Johnson became president of the Consumer Bankers Association in 2022, representing the trade and lobbying organization for the nation’s big retail banks like Bank of America, Wells Fargo, US Bank, PNC and others. She spoke to The Associated Press during the CBA’s annual conference in Las Vegas, the first industry-wide gathering since the collapse of Silicon …

How the failure of Silicon Valley Bank might have affected the entire financial system
1 year, 8 months ago

How the failure of Silicon Valley Bank might have affected the entire financial system

Firstpost  

Research suggests that a run-on deposits at Silicon Valley Bank and Signature Bank could have set off a cascading series of bank failures, crippling small businesses and economic activity across wide parts of the country Washington: The federal government’s rescue of two failed banks last month has drawn criticism from some lawmakers and investors, who accuse the Biden administration and …

Profits at big US banks show few signs of industry distress
1 year, 8 months ago

Profits at big US banks show few signs of industry distress

Associated Press  

NEW YORK — The nation’s largest banks appear to be weathering the current turmoil in their industry just fine. Despite a pair of historical failures last month that put the nation’s banking industry into crisis mode, the nation’s biggest banks posted strong profits last quarter, helped by higher interest rates and a U.S. economy that keeps growing and adding jobs …

Profits at big US banks show few signs of industry distress
1 year, 8 months ago

Profits at big US banks show few signs of industry distress

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Despite a pair of historical …

Dimon: Bank rules should change after Silicon Valley Bank
1 year, 8 months ago

Dimon: Bank rules should change after Silicon Valley Bank

Associated Press  

NEW YORK — JPMorgan CEO Jamie Dimon said the U.S. and the banking industry should amend regulations following the collapse of Silicon Valley Bank and Signature Bank last month, saying that the financial system needs to be adjusted so that one bank’s failure does not “cause undue panic and financial harm.” The comments, made in Dimon’s letter to JPMorgan Chase …

White House skirts Congress to push new regional bank rules
1 year, 8 months ago

White House skirts Congress to push new regional bank rules

Daily Mail  

The Biden administration proposed a list of new bank measures Thursday that it says can be done without the help of Congress and will reverse some of the regulatory rollbacks made during the Trump-era. The White House said it would like to see midsized banks hold more liquid assets, increase their capital, submit to regular stress tests and write 'living …

GOP lawmakers accuse Fed of being lax before bank failure
1 year, 8 months ago

GOP lawmakers accuse Fed of being lax before bank failure

Associated Press  

WASHINGTON — Republican lawmakers accused top bank regulators Wednesday of dawdling as Silicon Valley Bank hurtled toward the second-largest bank failure in U.S. history and questioned whether tougher regulations would have made a difference. “That doesn’t sound like a very urgent supervisory process,” Rep. French Hill, an Arkansas Republican, said at Wednesday’s hearing of the House Financial Services Committee into …

Data | The Collapse of Silicon Valley Bank and Signature Bank Amid Rising Interest Rates and Asset Losses
1 year, 8 months ago

Data | The Collapse of Silicon Valley Bank and Signature Bank Amid Rising Interest Rates and Asset Losses

The Hindu  

Silicon Valley Bank has gone belly-up as has the Signature Bank in the U.S. in the last few weeks. Click to remove AMP mode Charts 1A and 1B show the extent of the unrealised losses that Silicon Valley Bank and First Republic Bank have been making of late as a result of a dramatic fall in bond values. In fact, …

US backstops Silicon Valley Bank sale to First Citizens
1 year, 8 months ago

US backstops Silicon Valley Bank sale to First Citizens

Live Mint  

U.S. regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund. First Citizens will assume Silicon Valley Bank's assets of $110 billion, deposits of $56 billion and loans of $72 billion as part of the deal. First Citizens …

Deal to buy Silicon Valley Bank calms bank fears, for now
1 year, 8 months ago

Deal to buy Silicon Valley Bank calms bank fears, for now

Associated Press  

NEW YORK — First Citizens Bank is buying much of Silicon Valley Bank, the tech-focused financial institution whose failure this month set off a chain reaction that helped rattle faith in banks around the world. “But losses are substantial: $20 billion is real money, even in Washington.” That $20 billion is referring to the loss the FDIC says its deposit …

Collapsed Silicon Valley Bank sold to US rival First Citizens
1 year, 8 months ago

Collapsed Silicon Valley Bank sold to US rival First Citizens

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy First Citizens Bank has bought …

First Citizens acquires bankrupt Silicon Valley Bank: 5 key things to know
1 year, 8 months ago

First Citizens acquires bankrupt Silicon Valley Bank: 5 key things to know

Live Mint  

The US-based First Citizens BancShares Inc. has reached an agreement to acquire Silicon Valley Bank, which was taken over by regulators after a wave of withdrawals from the lender. The acquisition will expand First Citizens' presence in the technology and innovation hub of Silicon Valley, and will make it one of the largest banks in the US. Earlier this month, …

Good News for SBV customers! First Citizens to acquire troubled Silicon Valley Bank
1 year, 8 months ago

Good News for SBV customers! First Citizens to acquire troubled Silicon Valley Bank

India TV News  

SBV Crisis: North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world. Shares in mid-sized San Francisco-based First Republic Bank, which serves a similar clientele as Silicon Valley Bank and had appeared to be facing a similar crisis, surged 24.3% in …

Biden says U.S. banks are in good shape, turmoil will ease
1 year, 9 months ago

Biden says U.S. banks are in good shape, turmoil will ease

LA Times  

Regulators are still working to stabilize the banking sector after the collapse of Silicon Valley Bank and Signature Bank. President Biden said he was confident U.S. regional banks were in good shape and didn’t foresee any major crises on the horizon, downplaying Wall Street angst and lingering fears of broader financial turmoil. Business Everything to know about Silicon Valley Bank’s …

Federal Reserve Hikes Interest Rates Again, Despite Bank Failures
1 year, 9 months ago

Federal Reserve Hikes Interest Rates Again, Despite Bank Failures

Huff Post  

LOADING ERROR LOADING WASHINGTON ― The Federal Reserve on Wednesday continued to ramp up its efforts to slow the economy, despite recent bank failures caused partly by rising interest rates. “The Fed’s decision to raise rates is incongruous with efforts to reestablish the stability of the financial system,” Mark Zandi, chief economist with financial analysis firm Moody’s Analytics told HuffPost …

Silicon Valley Bank's parent company cut off from bank's records
1 year, 9 months ago

Silicon Valley Bank's parent company cut off from bank's records

Firstpost  

SVB Financial, the bankrupt parent company of Silicon Valley Bank, has lost access to its financial records after the bank was placed into receivership by the Federal Deposit Insurance Corporation, according to court documents filed in Manhattan on Sunday. But its Chapter 11 bankruptcy has gotten off to a “challenging” start due to a breakdown in cooperation with the bridge …

US sees bank deposits stabilise even as some regional banks reel
1 year, 9 months ago

US sees bank deposits stabilise even as some regional banks reel

Al Jazeera  

Deposits in the country’s banking system are stabilising, Reuters reported, citing an unnamed US official. A United States official has said that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank’s failure had slowed and in some cases reversed, even as investors were trying to ascertain whether the crisis was contained. Shares of …

Silicon Valley Bank’s demise animates early days of California’s 2024 U.S. Senate contest
1 year, 9 months ago

Silicon Valley Bank’s demise animates early days of California’s 2024 U.S. Senate contest

LA Times  

With a mirror slightly askew in the background, Rep. Katie Porter sat in her Irvine bedroom and flipped on Instagram live as several regional banks teetered on collapse, with depositors frantically seeking to pull money from their accounts. For the record: An earlier version of this story misquoted Rep. Adam Schiff saying, “The economic issues and the democracy issues are …

Bank failures: Anger in Congress, but division on what to do
1 year, 9 months ago

Bank failures: Anger in Congress, but division on what to do

Associated Press  

WASHINGTON — Bills were filed, hearings were planned and blame was cast as Congress reacted this past week to the abrupt failure of two banks. “There’s people who are going to choose bills, but I cannot imagine that, with the hold banks have on Republican members of Congress, that we can pass anything significant,” said Sen. Sherrod Brown, D-Ohio, chairman …

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