Banks fought to fend off tougher regulation. Then the meltdown came.
By Zachary Warmbrodt
Three days before Silicon Valley Bank’s failure, big bank lobbyists and executives were triumphant. They had convinced key GOP lawmakers to publicly warn Federal Reserve Chair Jerome Powell against tightening regulations on the industry….“What’s really at issue here isn’t the rules,” said Federal Financial Analytics managing partner Karen Petrou, who advises bankers and others on policy. “It’s how they were enforced by supervisors clearly asleep at the wheel because they thought they had a safe, self-driving car.”