Government Accountability Office Official Testifies on Bank Failures
2023-05-11T18:04:06-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvYjVjXC8wMTBcLzE2ODM4MTQ2NzlfMDEwLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19Michael Clements, an official at the Government Accountability Office, testified on his agency’s review of the Silicon Valley Bank and Signature Bank collapses. Mr. Clements said that the banks engaged in high-risk practices, such as rapid growth and heavy reliance on uninsured deposits, which contributed to the failures. He further reported that regulators--the Federal Deposit Insurance Corporation and Federal Reserve--were able to identify issues, but did not escalate supervisory actions in time to mitigate the risks. Republicans focused on the latter issue, blaming regulators for the failures. Democrats instead drew more attention to the bank executives' mismanagement and deregulations during the Trump administration. The hearing took place before a House Financial Services subcommittee.
Michael Clements, an official at the Government Accountability Office, testified on his agency’s review of the Silicon Valley Bank and… read more
Michael Clements, an official at the Government Accountability Office, testified on his agency’s review of the Silicon Valley Bank and Signature Bank collapses. Mr. Clements said that the banks engaged in high-risk practices, such as rapid growth and heavy reliance on uninsured deposits, which contributed to the failures. He further reported that regulators--the Federal Deposit Insurance Corporation and Federal Reserve--were able to identify issues, but did not escalate supervisory actions in time to mitigate the risks. Republicans focused on the latter issue, blaming regulators for the failures. Democrats instead drew more attention to the bank executives' mismanagement and deregulations during the Trump administration. The hearing took place before a House Financial Services subcommittee. close
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