A top U.S. regulator told a Senate panel on Tuesday that Silicon Valley Bank did a 'terrible' job of managing risk before its collapse, fending off criticism from lawmakers who blamed bank watchdogs for missing warning signs.
this week has helped restore some calm to markets, but investors remain wary of more troubles lurking in the financial system.
"The failure of Silicon Valley Bank, Signature Bank and the general turmoil in the banking sector are the direct result of the failure of regulators, including the agencies we have before us today," said Senator Steve Daines, a Republican. Barr agreed it would be "useful" to test for higher rates as well, and said he was looking to expand the breadth of the test in the future.their rules and procedures after the twin failures while insisting the overall system remains sound. Barr added he welcomed external reviews of regulators' work and expects the Fed to be "accountable" for any shortcomings that are unearthed.
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