News – Sheridan Media
During a Senate Banking Committee hearing exploring the reasons behind recent bank failures, U.S. Senator Cynthia Lummis (R-WY) pressed Federal Reserve Board Vice Chair for Supervision Michael Barr about federal regulators’ failure to address glaring warning signs at Silicon Valley Bank prior to its collapse. Senator Lummis additionally pushed Federal Deposit Insurance Corporation (FDIC) Chairman of the Board Marty Gruenberg to exempt community banks in Wyoming from any new fees levied to cover the depositors at these failed banks.
Lummis said that the blame for the meltdown falls squarely at the feet of the regulators who were asleep at the wheel. Senator Lummis also noted the importance of ensuring Wyoming community banks are not forced to foot the bill and comply with overly burdensome new regulations as a result of these failures.
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Last modified: March 28, 2023