Lawmakers demanded details from top U.S. bank regulators on the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank during testimony on Tuesday.
Regulatory officials for the Federal Reserve, Federal Deposit Insurance Corporation and Treasury Department are testifying before congressional committees on the swift collapse of the two banks earlier this month. The failures set off a broader loss of investor confidence in the banking sector.
While lawmakers in both parties agreed the banks were mismanaged, Republicans reserved ire for regulators as well, who they said should have identified and addressed the problems sooner. Senator Tim Scott, the panel's top Republican, cast doubt on giving regulators more authority in the wake of the crisis.
. Those funds quickly fled at signs of trouble, according to Fed Vice Chair for Supervision Michael Barr.
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