The Senate Banking hearing today with FRB Vice Chairman Quarles, FDIC Chair McWilliams, and NCUA Chairman Hood featured a new push for excluding Russian financial institutions from SWIFT in light of new OFAC sanctions against Russian hackers. Specifically, Sen. Cortez Masto (D-NV) demanded that Russian financial institutions be barred from SWIFT if Russian cybercrimes continue. Mr. Quarles did not substantively oppose doing so, saying only that he has not considered it. Earlier today, Russian Prime Minister Dmitry Medvedev compared cutting Russia off from SWIFT to a declaration of war.
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