Senate finance committee holds hearing on bank’s collapse and the role relaxing banking regulations had in the crisis
are looking into the recent spate of bank failures and the government’s efforts to stabilize the financial sector., said he met today with the officials at the Federal Reserve Bank of San Francisco “to discuss the latest developments in the banking situation”.Maxine Waters
, await the findings of the ongoing Federal Reserve review into the matter and look forward to working on a bipartisan basis to strengthen guardrails to further protect consumers,” Jeffries said in a statement. The San Francisco Fed was in charge of overseeingThere was no sign of emergency in Jeffries statement, which added that “the banking system remains resilient and Americans can have faith their deposits will be there when they need them.”“Nerves are certainly frayed at this moment.
To recap a little further, Yellen faced fierce questioning by lawmakers on how Federal Reserve interest rates contributed to the bank failures so far and whether taxpayers would bear the brunt of the commitment to make depositors at the banks whole. Yellen stressed the need for the federal government to act to assure stability in the market.
“We certainly need to analyze carefully what happened to trigger these bank failures and examine our rules and supervision” to prevent failures from happening again, Yellen told the committee.
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