Jerome Powell, the chair of the Federal Reserve, blocked phrases regarding regulatory failure by the Federal Reserve in the Silicon Valley Bank collapse, per the NYT.
Federal government officials wanted a joint statement to include a reference to regulatory shortcomings that they believe helped lead to the bank’s demise, per NYT.
Their exact wording: "But Jerome H. Powell, the chair of the Federal Reserve, blocked efforts to include a phrase mentioning regulatory failures in the joint statement released early Sunday evening by the Fed, the Treasury Department and the Federal Deposit Insurance Corporation."
"Mr. Powell pushed to take the line on regulation out of the statement because he wanted to focus on the actions being taken to shore up the financial system," per NYT.
“The events surrounding Silicon Valley Bank demand a thorough, transparent and swift review by the Federal Reserve,” Mr. Powell said.
See the article: https://www.nytimes.com/2023/03/16/business/fed-regulation-svb.html
Jerome Powell, the chair of the Federal Reserve, blocked phrases regarding regulatory failure by the Federal Reserve in the Silicon Valley Bank collapse
3/17/2023
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