Transparency and accountability demand that Congress hold more hearings related to the Silicon Valley Bank (SVB) failure, and at least one more is sure to come. Congress especially needs to get to the bottom of exactly which Federal Deposit Insurance Corporation board member – or members – decided…
A law enforcement official, behind, stands in an entryway to a Silicon Valley Bank branch location, Monday, March 13, 2023, as customers and bystanders line up outside the bank, in Wellesley, Mass.ransparency and accountability demand that Congress hold more hearings related to the Silicon Valley Bank failure, and at least one more is sure to come.
Beyond the obvious implications for the potential cost to the FDIC insurance fund, this issue demonstrates at least one major problem with the U.S. bank regulatory framework: regulators have too much discretion. There is no good reason that anyone at the FDIC should be able to decide winners and losers by making it more difficult for nonbanks to purchase failed banks. All Americans are paying for this mess, as well as FDIC insurance, and they’re not banks.
What makes this move look even worse is that the experience with private equity firms after the 2008 crisis was so positive. The
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