Politics

The Federal Reserve chair said he holds himself accountable for ensuring proper regulatory and supervisory changes are enacted in response to recent bank failures.

After years of implementing Dodd-Frank Act measures rules to streamline bank resolutions, regulators relied on their pre-crisis playbook to resolve Silicon Valley and First Republic banks. That choice has led some experts to question the rules' utility.

The Federal Deposit Insurance Corp. suggested targeted deposit insurance expansion for some accounts in a report issued Monday, but the layout in Congress looks tricky to pass any permanent changes.

The sale of First Republic to JPMorgan Chase marks the end of a distinct phase of the recent banking crisis, but we're not out of the woods yet.

U.S. Treasury Secretary Janet Yellen sent a letter to Congressional leadership on Monday calling for them to raise the debt limit before June 1, the earliest date the U.S. could begin defaulting on its debt obligations.

Insured deposit caps are now practically meaningless, and current rules for setting deposit insurance premiums do little to block banks' excessive risk taking. There's a better way.

The FDIC's deposit insurance review following a string of bank failures said the most balanced approach to modifying deposit insurance would be to provide higher insurance coverage to business accounts, which would reduce systemic risk and promote market discipline.

President Joe Biden said on Monday that he's called on Congress "to give regulators the tools to hold banking executives accountable."

Bank groups say the focus on capital rules in Federal Reserve Vice Chair for Supervision Michael Barr's report on Silicon Valley Bank are misguided. Others say he should have named names.

In a highly anticipated report on the failure of Silicon Valley Bank, Federal Reserve Vice Chair for Supervision Michael Barr says the bank's own mismanagement and an acquiescent supervisory structure created the conditions for the bank to fail.

The Government Accountability Office said that  the Federal Reserve Bank of San Francisco flagged problems at Silicon Valley Bank as early as 2018.

Representatives allege that the San Francisco Fed reportedly filed at least six "Matters Requiring Attention" or other warnings against SVB as early as July 2022.

The Treasury Department's Financial Crimes Enforcement Network said it is looking into the feasibility of verifying entries in a forthcoming beneficial ownership database, but may be limited by legal and cost considerations.

Rep. French Hill, R-Ark., said the House Financial Services Committee and the House Agriculture Committee will hold a joint hearing on crypto next month.

The House Financial Services Committee passed several bills through to the full House that would toughen congressional oversight of the Consumer Financial Protection Bureau.

Pandemic funding cuts may pop up in any of the four big-ticket, must-pass bills Congress will take up this year.

A pair of corporate crises — including the failure of Silicon Valley Bank — has given Senate Banking Committee Chairman Sherrod Brown a timely platform to blame big corporations for putting profits over people as he tries to overcome a Republican tide in Ohio and win his toughest reelection yet.

Apparently thinking he was speaking to Ukrainian President Volodymyr Zelenskiy, Powell is seen in a video broadcast on Russian TV answering questions on topics ranging from the outlook for inflation to the Russian central bank.

A cultural shift at the Federal Reserve aimed at making the supervisory process more transparent may have also contributed to the central bank's failure to detect and remediate excessive risk at Silicon Valley Bank, whose failure last month roiled the banking industry.

Financial regulation scholar Mark Flannery said in a new research paper that small banks would be more likely to be negatively impacted.