Senate Democrats press federal bank regulators to implement stronger capital requirements
Sen. Elizabeth Warren, D-Mass., and two other Democratic senators are pressing bank regulators for tougher capital standards after the Silicon Valley Bank and Signature Bank collapses.
Senator Elizabeth Warren, a Democrat from Massachusetts, questions Lael Brainard, governor of the U.S. Federal Reserve, not pictured, during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing in Washington, D.C., on Thursday, Jan. 13, 2022.
The letter was sent to Federal Reserve Vice Chair for Supervision Michael Barr, Federal Deposit Insurance Corporation Chairman Martin Gruenberg and acting Comptroller of the Currency Michael Hsu. Barr, who is leading a comprehensive review of the SVB failure, and Gruenberg both testified at hearings before Senate and House lawmakers this week.
The lawmakers also warned against what they called "industry spin" that blames the bank collapses on the oversight of regulatory agencies rather than lax banking regulations.
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