Asian markets trade higher as they see retail sales data out of Japan and Australia
— Samantha SubinOfficials had enough rules to effectively oversee the regional banks that failed recently, the Federal Reserve's top regulator said Wednesday.
"I think we had substantial authority under existing law to regulate firms and supervise firms in a way that is appropriate for their risk and size and complexity," Michael Barr, the Fed's vice chair of supervision, told the House Financial Services Committee. Some lawmakers, such as Sen. Elizabeth Warren have suggested that tighter regulations are needed for banks. Barr and other banking officials seemed to agree with that sentiment during Senate testimony Tuesday."I think any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed. So we're looking at all of that," he said.
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