My latest article in The Hill is co-authored with my long-time friend Tom Vartanian.
This past week we have seen a swirling vortex of troubled bank activity.
First Republic Bank was closed and taken over by J.P. Morgan; the FDIC issued a summation of its supervision of the failed Signature Bank; Federal Reserve Vice Chair Michael Barr issued a highly anticipated report on the Fed’s oversight of Silicon Valley Bank; and the Government Accountability Office published its analysis of the regulatory lapses that accompanied the failures of Silicon Valley and Signature banks.
Barr’s report has drawn the most attention, given its admission of regulatory ineptness. But we see these events as underscoring the fact that the U.S. bank regulatory system desperately needs an overhaul.
Read the opinion here.