McHenry, Scott ask Fed for oversight info of failed banks
House Financial Services Committee Chairman Patrick McHenry, R-N.C., and Senate Banking Committee Ranking Member Tim Scott, R-S.C., wrote to Federal Reserve Chairman Jerome Powell Monday requesting that the Fed provide insights into its supervision of Silicon Valley Bank and Signature Bank.
In the letter, McHenry and Scott said their “oversight responsibilities to the American people require that we evaluate the root causes of these bank failures as well as the failures of U.S. regulatory agencies to prevent these collapses from occurring.”
They indicated they are interested in “obtaining full information about what appears to be glaring bank mismanagement, fundamental lack of prudence in bank risk and balance sheet management, and regulators’ lack of basic supervision and enforcement of safety and soundness rules, regulations, and principles” and asked for:
- a comprehensive timeline of events on the Fed’s lending, supervisory, and examination activity for the past two years related to the banks;
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