State and Federal Regulators Testify on Bank Failures
2023-05-18T20:03:29-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvMjdmXC8wMTBcLzE2ODQ0MjU2NTlfMDEwLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19Federal Reserve Vice Chair for Supervision Michael Barr and other federal and state regulators testified on recent bank failures before the Senate Banking Committee. Mr. Barr discussed a review he led of Silicon Valley Bank’s (SVB) collapse, blaming both the bank’s management practices as well as the Federal Reserve for inadequately executing its regulatory duties. He also said there needs to be a culture that empowers supervisors to act amid uncertainty. Moreover, Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg reported similar conclusions, saying his organization’s review of the Signature Bank collapse found that the bank’s poor management contributed to its failure as well as deficiencies in FDIC’s supervision. Finally, the committee’s senators debated whether more regulations are needed, and the extent to which deregulations made during the Trump administration contributed to the banks' failures.
Federal Reserve Vice Chair for Supervision Michael Barr and other federal and state regulators testified on recent bank failures before the Senate Banking Committee. Mr. Barr… read more
Federal Reserve Vice Chair for Supervision Michael Barr and other federal and state regulators testified on recent bank failures before the Senate Banking Committee. Mr. Barr discussed a review he led of Silicon Valley Bank’s (SVB) collapse, blaming both the bank’s management practices as well as the Federal Reserve for inadequately executing its regulatory duties. He also said there needs to be a culture that empowers supervisors to act amid uncertainty. Moreover, Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg reported similar conclusions, saying his organization’s review of the Signature Bank collapse found that the bank’s poor management contributed to its failure as well as deficiencies in FDIC’s supervision. Finally, the committee’s senators debated whether more regulations are needed, and the extent to which deregulations made during the Trump administration contributed to the banks' failures. close
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Michael Hsu Acting Comptroller Department of the Treasury->Office of the Comptroller of the Currency
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