The Senate Banking Committee will consider a bipartisan bill that would allow government regulators to seize compensation from executives deemed responsible for a bank failure. The committee’s chairman, Sen. Sherrod Brown (D-Ohio), and Sen Tim Scott (R-S.C.), the panel’s ranking Republican, came to a deal on June 16 after a wave of regional bank failures…
Bank Executive Pay Could Be Seized for Failures Under Senate Bill Proposal
June 16, 2023
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Regulators Failed to Do Their Jobs in Preventing Banking Turmoil: Senate Committee
Federal regulators who fell asleep at the wheel and failed to do their job of preventing distress in the banking system need to be held accountable., lawmakers argued at a Senate hearing. The Senate Banking, Housing, and Urban Affairs Committee held a hearing to hold executives accountable after the three bank failures. There was chatter…
Senators Ask Powell If the Fed Had Been Lax in Supervising Failed SVB Bank
March 29, 2023
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Members of the Senate Banking Committee wrote to Federal Reserve chairman Jerome Powell if he and his fellow board members were lax in supervising Silicon Valley Bank (SVB), which failed earlier this month. Five senators sent a letter to Powell on March 27, which was obtained by Bloomberg, questioning whether the central bank exercised its full legal authority…
Senate Committee on Banking to Hold Hearings on SVB Collapse: ‘Hold Those Responsible Accountable’
March 22, 2023
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The Senate Committee on Banking, Housing and Urban Affairs said it would hold hearings next week on the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this month. Senate Banking Committee chairman Sherrod Brown (D-Ohio) announced on March 21 the first of several hearings on the latest banking crisis and promised to hold those responsible…
Regulatory Framework for Cryptocurrency Sector Explored at Senate Banking Committee Hearing
The cryptocurrency sector has rebounded this year as its market capitalization returned above $1 trillion. Bitcoin prices have rallied more than 30 percent, Ethereum has risen 29 percent, and even Dogecoin has surged close to 20 percent. But, according to U.S. lawmakers and regulators, the damage has been done to consumers and investors during last…
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