IN-DEPTH: Bank Regulators Want New Powers to See What Many Say Should Have Been Obvious

IN-DEPTH: Bank Regulators Want New Powers to See What Many Say Should Have Been Obvious
A security guard at the failed Silicon Valley Bank monitors a line of people outside the office in Santa Clara, Calif., on March 13, 2023. Justin Sullivan/Getty Images
Kevin Stocklin
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In the wake of the failure of several regional banks, lawmakers are furiously at work drafting new bills to give regulatory authorities more control over banks. But some experts say that bank regulators already had all the power they needed, but failed to use it effectively.

“Every time we have a crisis on our hands, the regulatory agencies come out and say, ‘We need additional powers,’” Jelena McWilliams, former FDIC chairman, told attendees at a Cato conference on bank regulation last week. “And then you ask them, what is it in your arsenal of powers that you don’t have or that you couldn’t use?”

Kevin Stocklin
Kevin Stocklin
Reporter
Kevin Stocklin is a contributor to The Epoch Times who covers the ESG industry, global governance, and the intersection of politics and business.
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