Sen. Tim Scott called for firings at the Federal Reserve over the central bank's failure to regulate Silicon Valley Bank in the run-up to its collapse.
In his testimony on Thursday, Barr took "full responsibility" for the inadequate performance of the Fed. Soon after, Scott responded: "Who did you fire?""We plan to conduct further review of our supervisory structure and as we do that we'll be making sure we have the right personnel in place to get the job done," he added.
Senator Tim Scott speaks during the Senate Banking, Housing, and Urban Affairs Committee hearing on the failures of Silicon Valley Bank and Signature Bank, on Capitol Hill in Washington, DC, on May 16, 2023.Indicating dissatisfaction, Scott said, "I hope that includes making room for the right personnel by removing the wrong personnel."financial panicThe financial stress continues to weigh on the banking system.
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Bank execs blame panicked depositors for Silicon Valley, Signature failures, but senators blame themTop executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, instead using their time to assign blame to events they said were largely out of their control. The arguments got little traction with senators on both sides of the aisle. Democrats and Republicans on the Senate Banking Committee criticized the executives for taking risky actions or missing obvious problems that directly led to the demise of their banks, while still accepting lucrative pay packages and bonuses, even in the days and weeks leading up to the failures.
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