The country's top banking regulators faced a grilling from lawmakers in a Senate committee hearing about who was responsible for the the failures of Silicon Valley Bank and Signature Bank.
March 28, 2023, 1:42 PMFederal Reserve Board Vice Chair for Supervision Michael Barr listens to participants at a hearing at the Federal Reserve building, Sept. 23, 2022, in Washington.
"I hope to learn how the Federal Reserve could know about such risky practices for more than a year and failed to take definitive corrective action," Scott added, pointing to testimony that supervisors flagged weaknesses as early as 2021. "By all accounts, our regulators appear to have been asleep at the wheel."
"They were quite vulnerable to risk, to shocks and they didn't take the actions necessary to meet that," he said. "We retain this authority even after a bank fails, and we stand ready to use this authority to the fullest extent based on the facts and circumstances," Barr said.
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