A graphic showing US bank failures

5/8/2023

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Meanwhile, Elizabeth Warren has said: These bank failures were entirely avoidable if Congress & the Fed had done their jobs and kept strong banking regulations in place since 2018.

"Remember after the crash in 2008, we understood that if you don't put pretty strict regulations on these big banks, they'll go out and boost their profits by taking on a lot of risks," Warren said to NPR.

"Then in 2018, the Republicans under Donald Trump said, no, we need to loosen those regulations. And sure enough, we saw the consequences of that over the weekend," Warren said.

"Look, for this inquiry to have any credibility, Chair (Jerome) Powell must recuse himself. When the law was weakened, it permitted the Fed to loosen those regulations. Chair Powell led the charge on that. He not only loosened the regulations, he went further than some people thought the law permitted," Warren said.

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