Federal Reserve Governor Michelle Bowman: Independent Third Party Should Be Hired to Investigate Silicon Valley Bank Collapse
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Federal Reserve Governor Michelle Bowman suggested on Friday that an independent third party should be hired to further investigate the events leading up to the abrupt failure of Silicon Valley Bank.
She noted that this would supplement the internal review already conducted by Fed Vice Chair for Supervision Michael Barr and is necessary to ensure the Fed holds itself accountable.
Bowman cautioned against using recent banking sector turmoil as a pretext to introduce new rules, arguing that the current system is “fundamentally strong” and regulation should be more specific.
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