Proposed legislation would require a coalition of US financial regulators, to monitor social media platforms for “any indicator of a potential bank run or financial panic at a level that potentially threatened the financial stability of the United States.”
Rep. Ritchie Torres, D-N.Y., introduced legislation that would require bank regulators to monitor social media platforms for signs of possible bank runs.After a handful of influential voices took to social media during the meltdowns of Silicon Valley and Signature banks this month, some lawmakers have floated a new idea: Task bank regulators with keeping tabs on TikTok, Twitter and other platforms to head off future bank panics.
“I worry that a malicious foreign adversary could manufacture financial panic on social media to destabilize the American banking system,”At a House Financial Services Committee hearing Wednesday, several other lawmakers expressed worry about social media’s role in triggering bank runs. Rep. Blaine Luetkemeyer, R-Mo., said he had “grave concerns” about that possibility.
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'The Billionaire Bailout': FDIC Chair Says the Biggest Deposit Accounts at SVB Held $13 Billion'The bailout really did protect billionaires from taking a modest haircut,' one observer wrote in response to the FDIC chief.
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Fed official: SVB itself was main cause of bank’s failureThe nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
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SVB collapse caused by ‘textbook case of mismanagement,’ Fed official saysHearings this week will examine the collapses of Silicon Valley Bank and Signature Bank and the government’s response.
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Senate holds its first hearing into SVB and Signature Bank failuresThe Banking Committee is set to hear from three key regulators Tuesday after the collapse of Silicon Valley Bank and resulting turbulence in the financial sector.
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