Congressman Mike Flood (R-Neb.) is pushing back on calls for new regulations after the sudden collapse of the Silicon Valley Bank (SVB) last week, saying lawmakers first need a better understanding of what led to the bank’s failure.
“We have to find out what was happening in Silicon Valley Bank; we need to find out what the regulators were doing,” Flood told NTD News on Tuesday, March 14.
In a White House address on Monday, President Joe Biden said the American banking system is safe. SVB depositors would be repaid through the Deposit Insurance Fund managed by the Federal Deposit Insurance Corporation (FDIC). Biden then called on Congress and banking regulators to strengthen regulations on banks and financial institutions….