The Federal Reserve chair 'failed in his responsibility to supervise and regulate banks that posed a systemic risk to our economy,' said SenWarren.
ostensibly aimed at"tailoring" the central bank's"regulations for domestic and foreign banks to more closely match their risk profiles."at the time, the central bank's changes went well beyond what the 2018 law required and weakened"safeguards at the core of the system," threatening the stability of the banking sector.
"For Silicon Valley Bank, this resulted in lower supervisory and regulatory requirements, including lower capital and liquidity requirements," the report states."While higher supervisory and regulatory requirements may not have prevented the firm's failure, they would likely have bolstered the resilience of Silicon Valley Bank."
"We plan to revisit the tailoring framework, including to reevaluate a range of rules for banks with $100 billion or more in assets," Barr writes.
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