MADRID: US Federal Reserve Chair Jerome Powell said Thursday (Jun 29) that stronger regulation and greater agility was required in supervising the banking sector foll
"These events suggest a need to strengthen our supervision and regulation of institutions that are the size of Silicon Valley Bank," Powell said.
"What a bank run used to look like was people standing in line at an ATM" but what happened at SVB"wasn't about ATMs, it was about people on their phones ... able to move money very quickly", he said. In an April report into SVB's collapse, the Fed called for greater banking oversight while admitting its own supervisors had failed to take forceful enough action after identifying issues at the high-tech lender.
The collapsed banks shared two common characteristics:"Very poor interest rate risk management and ... a funding model involving large amounts of uninsured deposits".
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