Congress returns to full session for the first time on Wednesday as lawmakers grapple with the fallout from recent bank failures and try to avoid a full-scale financial crisis.
The sudden and rapid collapse of Silicon Valley Bank and Signature Bank is still reeling from the financial sector's aftermath amid economic uncertainty and significant risks for other banks.
Internationally, Chinese President Xi Jinping will meet with Russian President Vladimir Putin as the war in Ukraine continues in an apparent show of support. Xi's visit could be an escalation of tensions between East and West, as US officials warn that China could provide military support to Russia in its invasion of Ukraine.
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On the Mind of Congress: Preventing Another SV
Another catastrophic SVB-style failure will be on the minds of MPs this week, especially as a new study has revealed that 186 banks are at risk of SVB-style failure if only half of depositors withdraw their funds. .
There is bipartisan agreement among lawmakers that Congress must act in a way to prevent a full-scale financial crisis — it's unclear how.
House Financial Services Committee Chairman Patrick McHenry, R-North Carolina, told CBS' "Face the Nation" on Sunday that "all options are on the table" when it comes to responding to the crisis.
'It's a call': Advocacy groups and MPs highlight law they say led to SVB's collapse
© Chip Somodevilla, Getty Images Former Rep. Patrick McHenry, RN.C., delivers remarks during the fourth day of voting for Speaker of the House in the U.S. Congress, Jan. 6, 2023, in Washington.
"All options have to be on the table and that's how I approach it," McHenry said, adding that the focus now is on the cause of the bank's failure.
The Federal Reserve announced Monday it would conduct an internal review of Silicon Valley Bank's oversight and regulation, but Democratic Sen. Elizabeth Warren called for an independent investigation on ABC's "This Week" Sunday.
"I demand that the Fed and the entire regulatory system conduct an independent investigation here. The Fed cannot conduct its own investigation," Warren said.
Related: Silicon Valley's banking crash charted
© Anna Moneymaker, Getty Images Elizabeth Warren, D-Mass., speaks to a reporter outside the Senate chambers at the United States Capitol on March 14, 2023 in Washington, DC. Senators resumed the session this week amid the government's response to the closure of Silicon Valley Bank and Signature Bank.
China to meet Russia in apparent show of support for Ukraine war
Chinese President Xi Jinping will meet Russian President Vladimir Putin from Monday to Wednesday in what appears to be a show of support for Russia's continued invasion of Ukraine, a move that could have serious geopolitical consequences amid tensions growing between West and East.
China has refused to condemn Moscow as Ukraine continues to resist Russian aggression, trying to portray itself as a neutral third party when so many Western leaders support Ukraine.
Xi's visit comes as US officials have repeatedly warned of the possibility of China arming Russia with military aid. White House spokesman John Kirby urged Xi to also meet with Ukrainian President Volodymyr Zelenskyy and warned China to seek a unilateral peace deal.
Related: Nuclear War? Is China arming Russia? Fears of a new Cold War are growing.
© Alexander Zemlianichenko, AP FILE – Chinese President Xi Jinping, left, and Russian President Vladimir Putin enter a Kremlin meeting room in Moscow, Russia June 5, 2019. China said Friday, March 17, 2023 that President Xi had visited Russia. from Monday March 20 to Wednesday March 22, 2023, in apparent support of Russian President Putin, exacerbating East-West tensions over the Ukrainian conflict.
Is Donald Trump's impeachment coming?
The investigation into the financial silence of former President Donald Trump in Manhattan may enter a new phase. before the 2016 elections.
Joe Tacopina, Trump's attorney, told USA TODAY in an email that Trump's announcement did not include any contact with the Manhattan District Attorney's Office.
Criminal charges against a former president would be unprecedented, especially with Trump running for the White House in 2024.
The Manhattan probe is just one of many legal investigations implicating Trump, including probes into his efforts to overturn the 2020 election and his handling of classified documents.
What we know: Is Donald Trump in danger of being arrested soon? will he charge?
© Ron Johnson, AP Former President Donald Trump speaks during a campaign event Monday, March 13, 2023, in Davenport, Iowa.
TikTok CEO to testify before Congress
As the crackdown on popular social media app TikTok gains traction on Capitol Hill, the app's CEO, Shou Zi Chew, will testify before Congress for the first time on Thursday.
Lawmakers are increasingly concerned about the app's parent company, ByteDance, given its ties to the Chinese government. FBI Director Christopher Wray testified before the Senate Intelligence Committee that the app "screams with national security concerns."
Chew will testify before the House Energy and Commerce Committee and is expected to be questioned about the app's data security practices and how aggressively it handles users' private data.
Related: Don't ban TikTok from Americans' phones, says NH governor and potential 2024 GOP nominee
© PATRICK T. FALLON, AFP via Getty Images The TikTok logo is seen on a sign outside the social media app's offices in Culver City, California, March 16, 2023.
This article originally appeared on USA TODAY: Congress reviews SVB fallout, Putin and Xi Jinping meet, plus: The Week in Politics