FedFin Assessment: One CS Consequence – LISCC Reinstatement For All Large Foreign GSIBs
In the wake of CS’s distress, we draw client attention to a 2021 exchange sure to factor heavily in the political response.
Brown Presses For In-Depth SVB, Signature Review
As anticipated (see Client Report RESOLVE49), Senate Banking Chairman Brown (D-OH) today called on all the banking agencies and Treasury quickly to undertake a review of SVB and Signatures failures.
Warren Heaps Still More Blame On Powell
In another letter today, Sen. Warren (D-MA) once again lambasted Chair Powell for what she claimed was his direct contribution to the collapse of Signature Bank and SVB as well as a “a culture of corruption” at the Fed.
Senate GOP Blames Fed, California re SVB
Senate Banking Republicans today tweeted a series of comments citing articles going back to last year identifying SVB risk and suggesting strongly that the Fed and California state supervisors are at fault for missing clear warning signs.
Bipartisan Senators Push Better Beneficial-Ownership Data Access
Senate Budget Committee Chairman Whitehouse (D-RI) was joined by Sens. Wyden (D-OR), Warren (D-MA), Grassley (R-IA), and Rubio (R-FL) late yesterday in submitting a comment letter to FinCEN taking serious issue with its proposed implementation of the Corporate Transparency Act (CTA) (see FSM Report AML135).
Senate Finance Hearing Deepens SVB Divide
At a heated Senate Finance hearing with Treasury Secretary Yellen, Members were quick to deviate from the hearing’s budget-focused agenda to address who should bear the …