Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

Senate Banking Republicans wary of Biden officials’ handling of SVB collapse: ‘Asleep at the wheel’

by March 14, 2023
March 14, 2023
Senate Banking Republicans wary of Biden officials’ handling of SVB collapse: ‘Asleep at the wheel’

Republicans on the Senate Banking Committee on Monday said the quick collapse of Silicon Valley Bank and the sudden need for a bailout plan shows federal regulators may not have been as aware of the situation as they should have been.

Sen. Cynthia Lummis, R-Wyo., accused regulators of being ‘asleep at the wheel’ in a statement to Fox News Digital after the sixteenth-largest U.S. bank collapsed within roughly 48 hours. A short while later, federal regulators shut down the cryptocurrency-focused Signature Bank in New York.

‘As a member of the Senate Banking Committee, I have been following the events of the last week closely. These events are the result of some federal bank regulators being asleep at the wheel and shockingly poor management by an isolated number of banks,’ Lummis told Fox News Digital.

She also stood firm against ‘any bailout of these banks’ beyond the current federal requirements — after the Biden administration vowed that investor funds will be recouped fully, beyond the $250,000 maximum deposit protected by the Federal Deposit Insurance Corporation (FDIC). ‘A bailout would encourage risky behaviors by similar institutions down the road,’ she said.

Biden officials have insisted that they are not bailing out SVB’s investors, and that funds used to make bank customers whole would not be paid for with taxpayer receipts, but with fees collected from banks.

Silicon Valley Bank was shut down by regulators following a rush of investors withdrawing funds, resulting in the largest U.S. bank failure since the 2008 financial crisis.

Lummis said she would ‘continue to be engaged on this issue’ and expressed confidence that ‘Wyoming’s banks and credit unions remain strong.’

She did add that she is ‘gravely concerned that Wyoming banks will be charged higher insurance premiums to pay for the FDIC recovering uninsured deposits.’

Sen. Katie Britt, R-Ala., another member of the Banking Committee, listed off multiple questions she still had about the financial turmoil in comments to Fox News Digital just before Senate Republicans received their own briefing on it — after claiming many were excluded from the Treasury’s initial briefing to Congress on Sunday night.

‘Why did regulators not see this coming? Did Silicon Valley’s focus on ESG distract from their fiduciary responsibilities, in turn contributing to its collapse?’ Britt asked.

‘Ultimately, American taxpayers should not have to foot the bill for bank executives’ mismanagement and regulators’ failure. I will continue to support the strength of our financial system, which is crucial to hardworking families, small businesses, retirees, and communities in every corner of our nation.’

Sen. Tim Scott, R-S.C., the top Republican on the banking panel, also signaled wariness at too much federal intervention in a press statement made on Sunday night.

‘Building a culture of government intervention does nothing to stop future institutions from relying on the government to swoop in after taking excessive risks,’ Scott said at the time.

Elizabeth Elkind is a politics reporter for Fox News Digital. 

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
South Dakota legislative session marked by tax cuts, election reform, culture war headway
next post
US possibly scammed out of tens of millions by Wuhan Lab: reports

You may also like

Key Trump voting bloc has concerns with MAHA...

May 26, 2025

Biden funding both sides of Israel-Hamas war

November 22, 2023

MAHA caucus member pledges hearings into ‘corruption’ of...

February 20, 2025

Trump calls for next presidential debate to be...

July 22, 2024

Emanuel Macron at APEC Summit: “We Need a...

November 20, 2022

Hillary Clinton warns AI tech will make 2016...

March 29, 2024

Mother of Buffalo supermarket shooting survivor wins local...

June 28, 2023

US carries out strike targeting Iraqi militia leader...

January 5, 2024

Key Bolsonaro lieutenant blasts Biden for silence on...

September 7, 2024

Protesters storm Kevin McCarthy’s office over HIV bill,...

September 12, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved