Regulatory Failures Ignored in Silicon Valley Bank Bailout
Federal Reserve Chair Jerome Powell intervened to remove any mention of regulatory failures from a joint statement on the government's response to the collapse of Silicon Valley Bank and Signature Bank, the second-largest bank failure in US history. The statement vaguely highlights "reforms that were made after the financial crisis that ensured better safeguards for the banking industry" but neglects to mention that the Fed and Congress rolled back some of those rules in subsequent years, decisions that experts say set the stage for the banks' collapse. Senator Elizabeth Warren has criticized Powell's intervention and introduced legislation to repeal a key section of the 2018 bank deregulation law.
- 'An Abomination': Powell Cut Mention of Regulatory Failures From Bank Bailout Statement Common Dreams
- Fed Blocked Mention of Regulatory Flaws in Silicon Valley Bank Rescue The New York Times
- Five Facts on the Silicon Valley Bank Crisis RealClearPolicy
- Editorial: Don't let incompetent bank executives derail the Fed's inflation battle Chicago Tribune
- Powell blocked statement on regulatory flaws amid SVB's collapse: report Markets Insider
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