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Senators press Fed on SVB failures, accountability and Basel III; Powell cites process changes
Summary
Lawmakers pressed the Fed over supervision shortcomings tied to Silicon Valley Bank's collapse, asked about staff accountability and raised concerns about Basel III capital rules and planned stress‑test changes. Jerome Powell said supervisors have revised the 'playbook' and that the Fed will work with other agencies to finalize Basel III endgame.
Senators questioned Federal Reserve Chair Jerome H. Powell about supervisory shortcomings tied to the failure of Silicon Valley Bank (SVB), the broader question of accountability for supervisors, and ongoing Basel III and stress‑test rulemaking.
Several senators pressed why no Fed supervisors had been disciplined after SVB's collapse. Senator Tim Scott said the regulators had "30 MRAs and MRIAs that never had timely action at SVB"…
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