Lawmakers slam regulators following Silicon Valley Bank failure ...Middle East

Lawmakers raked banking regulators at the Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation (FDIC) over the coals during a hearing of the Senate Banking Committee on Tuesday after the agencies failed to act on signs that Silicon Valley Bank (SVB) was in trouble, mobilizing instead to bail out depositors after it had collapsed. While Democrats argued for stronger legislation on the banking industry and Republicans focused on lapses in regulatory practice, it was the regulators themselves who bore the brunt of the criticism from both parties. “For over a year, regulators were saying to this bank, ‘straighten up and fly right,’ and they never did a damn thi

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Lawmakers slam regulators following Silicon Valley Bank failure ...Middle East

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