Brown Statement on Fed and FDIC Reviews
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH) issued the following statement after the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) released reports on the Silicon Valley Bank and Signature Bank Failures:
“These reports confirm how poorly managed, overconcentrated, and over-reliant on particular industries both of these banks were. It is also clear that supervision fell short here. We must address gaps in the Fed and FDIC’s supervisory structure and we must strengthen the rules weakened by the prior administration,” said Brown. “We will hear from the regulators about these findings, and the banks’ executives must testify before the Committee. Those involved in these failures owe the American people an explanation.”
As Chair of the Committee, Brown has led the charge to get to the bottom of the Signature and Silicon Valley Bank failures. After calling for a full review, he pushed the FDIC and Fed to strengthen guardrails. He also pushed for a re-examination of the regulator's supervisory practices by the GAO.
Brown held a hearing with the regulators in late April to learn more about the Signature and Silicon Valley Bank failures. Finally, Brown continues to press the CEOs to explain their stock trades leading up to the banks’ collapses.
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