Capitol Comments

Capitol Comments

Senator Robert Menendez

WASHINGTON, D.C. – U.S. Senators Cory Booker and Bob Menendez (both D-N.J.) joined U.S. Senator Elizabeth Warren (D-MA), U.S. Representative Katie Porter (D-CA-47), and dozens of colleagues in both the Senate and House of Representatives to introduce the Secure Viable Banking Act, legislation that would repeal Title IV of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 following the collapse of Silicon Valley Bank (SVB) and Signature Bank. Senators

Booker and Menendez, both longtime consumer protection advocates, were outspoken about the dangers of passing the Economic Growth, Regulatory Relief, and Consumer Protection Act five years ago, which reduced critical oversight and capital requirements for large banks.

“Congress should have never rolled back regulations put into place to prevent exactly the kind of bank failures we saw play out in recent days. We must now act to restore these protections to strengthen our banking system, safeguard our economy, and ensure that the hard-earned money of families and small businesses is better protected,” said Senator Booker.

“Five years ago, I stood on the Senate floor to warn my colleagues that only in Washington would anyone think it’s a good idea to mark the ten-year anniversary of the 2008-2009 financial crisis by passing S.2155, a bill that dared big banks to get bigger and increased risk to taxpayers,” said Senator Menendez. The Trump banking law rolled back ‘too big to fail’ rules and created conditions for collapse of Silicon Valley Bank. “After this weekend’s collapse of SVB and Signature, the world saw why it was misguided to pass S.2155, which rolled back critical Dodd-Frank regulations for banks like Silicon Valley Bank, including enhanced prudential standards and stress tests. We must immediately repeal Title IV of S.2155 to ensure that we restore needed oversight of these systemically important institutions that have the potential to wreck our economy and the livelihoods of American families. We cannot afford to get this wrong and must act with the urgency this moment requires.”

Title IV of the Economic Growth, Regulatory Relief, and Consumer Protection Act raised the asset threshold at which a bank is considered and regulated as a “systemically important financial institution” to $250 billion, exempting SVB and other mid-sized banks from regular stress testing and enhanced liquidity, risk management, and resolution plan, or “living will,” requirements. The lawmakers’ new bill would repeal these dangerous regulatory rollbacks, which invited banks to load up on risk and increase profits, and would restore critical Dodd-Frank protections.

NOTICE OF MEETING FOR THE BOARD OF SCHOOL ESTIMATE OF THE OCEAN COUNTY VOCATIONAL SCHOOL DISTRICT

PLEASE TAKE NOTICE, that the meeting of the Board of School Estimate of the Ocean County Vocational Technical School District is scheduled for Wednesday, April 5, 2023 at 3:15 p.m., in the Ocean County Administration Building, 101 Hooper Avenue, Room 304, Toms River, New Jersey, for the purpose of reviewing and approving the proposed budget for the Ocean County Vocational Technical School District for the 2023-2024 school year.

Formal action will be taken at this meeting.

Frank J. Frazee, CPA Secretary, Board of School Estimate

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