FINANCE BRIEF: Vance Seeks to Overhaul Regulators of $100B Banks

The bank failure crisis isn’t over, least of all on Capitol Hill.

Sen. J.D. Vance (R-Ohio) will file legislation today aimed at preventing future bank failures by changing up the regulators who oversee them.

The text of Vance’s Bank Failure Prevention Act, obtained first by BGOV, would transfer the responsibility of overseeing banks holding at least $100 billion in assets to the Office of the Comptroller of the Currency by converting state banks of that size into nationally-chartered financial institutions.

Under current law, larger banks chartered by states fall under the eye of the Federal Reserve or the FDIC. ...