JOURNAL ARTICLE

The top US financial regulator will testify that the government is 'prepared to use all of our tools' to keep depositors and the banking system safe.

  • Published In: Fortune.com, 2023. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Rugaber, Christopher 3 of 3

Abstract

The article focuses on the Federal Reserve's commitment to safeguarding depositors and the banking system following the recent collapses of Silicon Valley Bank and Signature Bank. Michael Barr, the Fed's vice chair for supervision, stated that regulators are prepared to utilize all necessary tools to maintain system stability. The Senate Banking Committee is set to hold a hearing to investigate the failures of these banks and the regulatory shortcomings that contributed to their downfall, with Barr expected to face scrutiny regarding the Fed's oversight. Barr attributed the collapse of Silicon Valley Bank to its management while acknowledging the need for a thorough review of the Fed's supervisory actions. [Extracted from the article]

Additional Information

  • Source:Fortune.com. 2023/03, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2023
  • Accession Number:162729004
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