Key Wisconsin lawmakers briefed on bank collapse, weigh next moves

WASHINGTON —

Lawmakers are continuing to receive briefings as they debate what to do next to halt a potential banking crisis after the collapse of Silicon Valley Bank.

"We're navigating this in real time," said Rep. Bryan Steil, R-WI, a member of the House Financial Services Committee.

Steil said in an interview Monday he has received briefings from Federal Reserve and Treasury officials. House Republicans planned a Monday evening private call to discuss next steps.

"Overall, the banks in the U.S. are well capitalized," Steil said. "Obviously, there are a handful that have some unique exposure and, in particular, were subject to bad management. And so what we need to do is make sure we stabilize the entire banking industry at large, but I think it's important for folks who are watching to understand their deposits in their local bank, anything under $250,000, remains secure."

Democratic Sen. Tammy Baldwin appeared on CNN Monday morning and said, "The message, I think, is no widespread panic necessary."

"I think the question is will there ever be taxpayer dollars on the line? So far, we've been told that is not going to be the case," Baldwin said. "We'll keep a strong eye on that. I promise you."