Regulatory flaws ignored in Silicon Valley Bank bailout statement.
TL;DR Summary
Federal Reserve Chair Jerome Powell reportedly removed a statement on regulatory failings that led to the collapse of Silicon Valley Bank from an official joint statement delivered by the Fed, Treasury Department, and Federal Deposit Insurance Corporation. Critics blame the bank's demise on lax oversight of banks in recent years, thanks to policy rollbacks during the Trump administration. The Fed has loaned $165 billion to US banks over the past week to build up liquidity in the system and said it would investigate its own oversight of SVB. President Biden has promised to tighten regulation in the wake of SVB's failure.
Topics:business#banking-regulation#federal-reserve#finance#financial-crisis#jerome-powell#silicon-valley-bank
- Powell blocked statement on regulatory flaws amid SVB's collapse: report Markets Insider
- 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
- 'An Abomination': Powell Cut Mention of Regulatory Failures From Bank Bailout Statement Common Dreams
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