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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