Senators Warren, Blumenthal, Duckworth, After Banks Collapse, Urge Banking Regulators To Strengthen Bank Capital Requirements, Secure Safety And Soundness Of Banking System
"In the immediate aftermath of
Banking executives and industry groups have long lobbied against strengthened capital requirements and, in 2018, they successfully rolled back Dodd-Frank regulations and loosened bank capital requirements. Just days before the collapse of SVB, Republican members of
"The failures of SVB and Signature, and the regulatory and supervisory failures that enabled its costly collapse, are directly tied to the big banks' and Republican policymakers' cynical efforts to weaken our regulatory framework," concluded the lawmakers. "In order to prevent future bank crises and protect working Americans, we urge your agencies to quickly implement strong capital requirements and resist industry pressure to weaken or delay these requirements."
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To: The Honorable
The Honorable
The Honorable
We write to urge you follow through with establishing strong capital requirements that protect consumers and taxpayers, and preserve the safety and soundness of our banking system. The rapid failure of
After the failures, they "are now hoping that the narrative coming out of the SVB failure focuses on faults at the Fed and other elements of bank regulation that were eased under the Trump administration."/5 These industry officials are right that bank regulators' failures are a key part of the reason that Signature and SVB failed - but this does not obviate the need for strong capital requirements. You must resist this industry spin and continue their long-overdue work to implement strong capital standards that keep our financial system safe.
With
These failures highlight the need to strengthen our prudential regulatory framework, including robust capital requirements that the Fed,
Yet just days before SVB's failure, Republican members of
Of course, SVB and Signature - with poor risk management controls,20 risky investments, and weakened supervision,/21 - failed to "weather the storm" of the obvious risks of rising interest rates, threatening thousands of small businesses and nonprofits, employees, and vendors,/22 and forcing regulators to take extraordinary action to stave off further contagion./23 In their push against strong bank capital requirements, prior to the failures of Signature and SVB,
The failures of SVB and Signature, and the regulatory and supervisory failures that enabled its costly collapse, are directly tied to the big banks' and Republican policymakers' cynical efforts to weaken our regulatory framework. In order to prevent future bank crises and protect working Americans, we urge your agencies to quickly implement strong capital requirements and resist industry pressure to weaken or delay these requirements.
Thank you for your attention to this matter.
Sincerely,
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View footnotes here: https://www.warren.senate.gov/imo/media/doc/2023.03.29%20Letter%20to%20Federal%20FDIC%20OCC%20re%20Bank%20Capital%20Requirements1.pdf
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