beSpacific · @bespacific
830 followers · 1543 posts · Server newsie.social#GAO Report, BANK REGULATION #PreliminaryReview of #AgencyActions Related to March 2023 #BankFailures https://www.gao.gov/assets/gao-23-106736.pdf #SVB #FinancialStability #FinancialSystem #RegulatoryStandards #regulatoryfailures #banking #FederalReserve
#gao #preliminaryreview #agencyactions #bankfailures #svb #financialstability #financialsystem #regulatorystandards #regulatoryfailures #banking #FederalReserve
beSpacific · @bespacific
830 followers · 1540 posts · Server newsie.social#RegulatoryStandards for #SVB were too low, the #supervision of S.V.B. did not work with sufficient force and urgency, and #contagion from the firm’s failure posed #systemic consequences not contemplated by the Federal Reserve’s tailoring framework,” Mr. #Barr wrote in a letter accompanying the report."
#regulatorystandards #svb #supervision #Contagion #systemic #barr
Nonilex · @Nonilex
459 followers · 1540 posts · Server masto.ai#RegulatoryStandards for #SVB were too low, the supervision of SVB did not work w/sufficient force & urgency, & contagion from the firm’s failure posed systemic consequences not contemplated by the #FederalReserve’s tailoring framework," #Fed Vice Chair for Supervision Michael Barr wrote, referring to 2018 & 2019 moves….
Barr’s investigation pointed to 4 main culprits, w/blame spanning from the bank’s reckless execs to #Congress’s push to weaken #oversight of the #banking system.
#regulatorystandards #svb #federalreserve #fed #congress #oversight #banking