Senator Bernie Sanders plans to push a bill to block bank executives from serving on overseeing boards
Per NYT
Senator Bernie Sanders was among those that shared their sentiment regarding how Greg Becker, the CEO of Silicon Valley Bank, actually sat on the board of directors for the Federal Reserve Bank of San Francisco until March 10. The senator is pushing a bill that would prevent this from happening.
Senator Vernie Sanders wrote in a Twitter statement that the most absurd thing about the situation was how Becker was on the board of the body that was supposed to regulate the actions of SVB. The Senator spoke out, saying he wanted to stop this from happening.
Sanders: "I'll be introducing a bill to end this conflict of interest by banning big bank CEOs from serving on Fed boards."
Per CNN, Senator Elizabeth Warren is trying to push the Feds to investigate regional banks amid the collapse of SVB. Sanders was among the ten other senators that wanted to push the Feds to take action.
The senators wanted the Federal Reserve to crack down on large regional banks. The banks that would be included in the crackdown would have to have assets ranging from $100 billion to $250 billion.
While Senator Elizabeth Warren is pushing the Feds to investigate other banks, Treasury Secretary Janet Yellen said that they aren't considering insuring all uninsured bank deposits. This came shortly after Yellen called the US financial system the "safest and most liquid in the world."
Yellen said that for banks to get "treatment," it would require the majority of "the FDIC board, a supermajority of the Fed board," and the Treasury Secretary would determine that failure to protect those banks would cause "significant economic and financial consequences."
84% of Americans, both Republicans and Democrats, think that taxpayers shouldn't have to pick up the bill caused by irresponsible bank management.
See flow at unusualwhales.com/flow.
Other News:
- Yellen: We are not considering insuring all uninsured bank deposits
- 84% of Americans, including strong majorities of Republicans and Democrats, think taxpayers should not have to pay to resolve problems caused by irresponsible bank management
Resources:
Bernie Sanders on Twitter