Yellen wants to tighten Trump-era rules after Silicon Valley Bank bust
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.A key financial oversight council chaired by Treasury Secretary Janet Yellen is aiming to tighten rules on risk assessment and for nonbank companies after the high-profile Silicon Valley Bank and Signature Bank failures last month.
The Financial Stability Oversight Council is taking up two proposals: A framework for identifying and responding to financial stability risks, and new guidance for designating nonbank financial companies for regulatory supervision. “Last month’s events show us that our work is not yet done. The authority for emergency interventions is critical. But equally as important is a supervisory and regulatory regime that can help prevent financial disruptions from starting and spreading in the first place,” Yellen said inThe Silicon Valley Bank collapse sent shockwaves through the tech industry last month.
Shortly after, New York regulators closed the crypto-friendly Signature Bank. Former Rep. Barney Frank, who sits on Signature’s board,
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