Conservative Guard
  • Home
  • Breaking News
  • US
  • World News
  • China
  • Business
  • Politics
  • Crime
  • Finance
  • Entertainment
No Result
View All Result
  • Home
  • Breaking News
  • US
  • World News
  • China
  • Business
  • Politics
  • Crime
  • Finance
  • Entertainment
No Result
View All Result
theTotalStory | Conservative News & Opinion
No Result
View All Result
Home Finance

Congress grilled regulators on their actions before and after the failures.

Conservative Guard by Conservative Guard
March 28, 2023
in Finance
0
Senior Isis Leader In Somalia Killed In U.s. Special Operations Raid
7
VIEWS
Share on FacebookShare on Twitter

Top officials from the Federal Reserve, the Treasury and the Federal Deposit Insurance Corporation on Tuesday defended their response to the collapse of two banks that shocked the global financial system this month and ramped up the risk of a recession in the United States.

The officials blamed the leaders of the two failed banks, Silicon Valley Bank and Signature Bank, saying gross mismanagement had led to the crisis. While members of the Senate Banking Committee also cited executives’ failures, they sharply questioned the regulators about their actions.

Michael S. Barr, the vice chair for supervision at the Fed, SVB’s primary regulator, said the bank failed because “its management failed to appropriately address” clear risks that were pointed out to it more than two years ago. But he later acknowledged that he did not learn about the severity of the bank’s problems until the middle of last month.

Here’s what to know:

  • The officials who testified were Mr. Barr; Martin Gruenberg, the chair of the F.D.I.C.; and Nellie Liang, the Treasury’s under secretary for domestic finance. Read more about them.

  • Mr. Barr said the run that led to the failure of Silicon Valley Bank was of “an extraordinary pace and scale.” The bank had $42 billion flow out on March 9 — the fastest run ever — and the bank expected an outflow of $100 billion the next day, when regulators stepped in. Catch up on what happened with the banks at the center of the crisis.

  • Some Democrats on the committee emphasized the notion that deregulation left agencies without the tools they needed to address issues at smaller banks like SVB. Some Republicans sought to link government spending and the Fed’s broader agenda — including on issues like climate change — to the crisis. Both sides expressed concern about the effect the turmoil could have on the broader economy.

  • In response to questions about their actions to backstop deposits at the failed banks, Mr. Gruenberg said that there would have been “contagion” — a spreading of the crisis. Ms. Liang agreed, saying without federal action, bank runs “would have intensified and caused serious problems.” Here are the regulatory proposals that the White House is weighing.

  • This was the first of two days of testimony. The same officials will appear before the House Financial Services Committee on Wednesday.

Related

Previous Post

MLB The Show breaks barrier with Negro League players

Next Post

Fed’s Barr Knew of SVB Risks Just Before Failure

Next Post
Fed’S Barr Knew Of Svb Risks Just Before Failure

Fed's Barr Knew of SVB Risks Just Before Failure

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 11.3k Subscribers
  • Trending
  • Comments
  • Latest
Why Adani’s $100 Billion Loss Hasn’t Tanked India’s Markets

Why Adani’s $100 Billion Loss Hasn’t Tanked India’s Markets

February 11, 2023
Women Balk At Chinese Government Plans To Raise Birth Rate

Uyghurs Challenge the World’s Selective Memories of Genocide on Holocaust Remembrance Day

January 27, 2023
Former Arizona State Student Appeals Conviction For Distributing Constitution Copies

Former Arizona State Student Appeals Conviction for Distributing Constitution Copies

January 27, 2023
Ukraine Attacks Russia’S Hold On Southern City Of Kherson

Ukraine attacks Russia’s hold on southern city of Kherson

October 27, 2022
Tensions Rise On Peninsula Over Fears North Korean Eyeing ‘Tactical’ Nukes With New Policy

Tensions rise on peninsula over fears North Korean eyeing ‘tactical’ nukes with new policy

0
Times Square May Get One Of The Few Spectacles It Lacks: A Casino

Times Square May Get One of the Few Spectacles It Lacks: A Casino

0
Border Containers 34754 C0 435 5219

Arizona refuses U.S. demand to remove shipping containers from border

0
How Finnair’s Huge Bet On Faster Flights To Asia Suddenly Came Undone

How Finnair’s Huge Bet on Faster Flights to Asia Suddenly Came Undone

0
Netflix Cuts Basic Tier In U.s. And U.k.

Netflix cuts basic tier in U.S. and U.K.

July 19, 2023
Hollywood Unions File Labor Complaint Against Nbcuniversal

Hollywood unions file labor complaint against NBCUniversal

July 19, 2023
Jason Aldean ‘Try That In A Small Town’ Music Video Pulled By Cmt

Jason Aldean ‘Try That in a Small Town’ music video pulled by CMT

July 18, 2023
Tupac Shakur, Late Rapper And Actor, To Be Honored With A Street Name In California

Tupac Shakur murder investigation: Las Vegas police serve search warrant

July 18, 2023

Recent News

Netflix Cuts Basic Tier In U.s. And U.k.

Netflix cuts basic tier in U.S. and U.K.

July 19, 2023
Hollywood Unions File Labor Complaint Against Nbcuniversal

Hollywood unions file labor complaint against NBCUniversal

July 19, 2023
Jason Aldean ‘Try That In A Small Town’ Music Video Pulled By Cmt

Jason Aldean ‘Try That in a Small Town’ music video pulled by CMT

July 18, 2023
Tupac Shakur, Late Rapper And Actor, To Be Honored With A Street Name In California

Tupac Shakur murder investigation: Las Vegas police serve search warrant

July 18, 2023

TrendingNews

No Content Available

New updates

Netflix Cuts Basic Tier In U.s. And U.k.

Netflix cuts basic tier in U.S. and U.K.

by Conservative Guard
July 19, 2023
0

Hollywood Unions File Labor Complaint Against Nbcuniversal

Hollywood unions file labor complaint against NBCUniversal

by Conservative Guard
July 19, 2023
0

Browse by Category

  • Breaking News
  • Business
  • China
  • Crime
  • Entertainment
  • Finance
  • Politics
  • US
  • World News

© 2022 www.conservativeguard.com

No Result
View All Result
  • Conservative Guard

© 2022 www.conservativeguard.com

Go to mobile version