Recent events serve as a wake-up call to reinforce our financial system to protect consumers and small businesses from systemic bank failures while preserving small banks and credit unions on Main Street. To better promote market discipline and strengthen financial stability, the Financial Stability Oversight Council (FSOC) and its member agencies must review the full framework of regulations protecting depositors, consumers, and the U.S. Last week, Brown and Ranking Member Scott called on the CEOs of SVB and Signature Bank to testify in front of the Committee.Ī copy of the letter is available here and below: Committee members also sent letters this week to GAO calling for a review of the bank regulators’ supervisory practices and to Securities and Exchange Commission Chair Gensler raising flags regarding SVB executives’ stock trades leading up to the collapse. John Fetterman (D-PA).īrown held a hearing earlier this week to hear directly from the regulators in order to understand how SVB and Signature Bank collapsed. “Under the broad authorities granted to the Council, we urge you to identify risks and vulnerabilities brought to light during this crisis and provide specific recommendations on regulation, legislation, or other actions necessary to address these threats.” “Banking regulators are reviewing what went wrong at the failed institutions, but reflection must not stop there,” the Senators wrote. Senate Committee on Banking, Housing, and Urban Affairs, led eleven of his colleagues on the Banking and Housing Committee in a letter to Treasury Secretary Janet Yellen, urging the Financial Stability Oversight Council (FSOC) and its member agencies to review how our financial system is serving consumers, small businesses, and small banks, and to recommend ways we can strengthen our financial system against threats. Sherrod Brown (D-OH), Chairman of the U.S. MaBrown, Colleagues Call for Action to Strengthen Financial Stability
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