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Patrick McHenry

McHenry says deposit insurance changes aren’t happening

It’s been a wild ride for retiring House Financial Services Committee Chair Patrick McHenry (R-N.C.) since Silicon Valley Bank’s failure a year ago sparked the most anxiety about the banking system’s stability in years.

But McHenry said this morning that a key area of policymaking that drew attention in the wake of the 2023 bank failures has lost steam. Conversations on the Hill about deposit insurance reform are “not intense,” he said and deemed it unlikely anything would happen on the issue this Congress.

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