Regulators Failed to Do Their Jobs in Preventing Banking Turmoil: Senate Committee
Federal regulators who fell asleep at the wheel and failed to do their job of preventing distress in the banking system need to be held accountable., lawmakers argued at a Senate hearing.
The Senate Banking, Housing, and Urban Affairs Committee held a hearing to hold executives accountable after the three bank failures.
There was chatter about how banking executives and deregulatory efforts in Washington contributed to the latest banking turmoil; there was bipartisan agreement that federal regulators must also be held responsible because they did not employ their authority to stop the meltdown at Silicon Valley Bank and Signature Bank.
“This was a failure in three parts, and we must discuss accountability across the board for bank executives, bank regulators, and this administration’s inflationary spending policies,” Sen. Tim Scott (R-S.C.) said in his opening remarks….