Key bank regulators appear before Congress in first Silicon Valley Bank hearing
opening remarks
Weeks before the bank's collapse, the Fed highlighted risk management issues that would ultimately lead to SVB's downfall, Barr said. Sen. Jon Tester said: "It looks to me like the regulators knew the problem, but nobody dropped the hammer.": For years, Republicans had been in favor of relaxing rules and oversight for mid-sized banks.
Barr and Gruenberg said they were examining fresh rules that could head off similar collapses in the future.for some of the problems that plagued Silicon Valley Bank, including the risk of the Fed's months-long campaign toThe Fed periodically conducts "stress tests" to examine the health of the nation's largest institutions. But Silicon Valley Bank was not subject to these exams.
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