Sen. Katie Britt hit the lack of regulators’ oversight leading to the recent failures of the Silicon Valley Bank and Signature Bank.
A member of the Senate Committee on Banking, Housing, and Urban Affairs, Britt (R-Montgomery) said Monday she has not been satisfied with the federal government’s response to the situation.
“My office and I have been in contact with federal financial regulators since Friday, and we continue to closely monitor the situation,” said Britt. “The public deserves full transparency and accountability without regard to partisanship, and it is unacceptable that this administration excluded Senate Republicans, including those on the Senate Banking Committee, from Sunday night’s bicameral member briefing.”
Britt said there are many questions that still need to be answered regarding the collapse of the two banks.
“Right now, we have more questions than answers” she said. “Why did regulators not see this coming? Did Silicon Valley’s focus on ESG distract from their fiduciary responsibilities, in turn contributing to its collapse? How much extra money will local community banks in rural Alabama have to fork up to fund the Administration’s plans.”
“Unfortunately, we did not get any clarity on these pressing items on today’s member briefing call, which the Federal Reserve did not make time to attend.”
According to Britt, taxpayers should not have to provide financial aid for the failed banks.
“Ultimately, American taxpayers should not have to foot the bill for bank executives’ mismanagement and regulators’ failure,” she said.
Britt said she intends to continue to advocate for everyday Americans by strengthening the American financial system.
“I will continue to support the strength of our financial system, which is crucial to hardworking families, small businesses, retirees, and communities in every corner of our nation,” she said.
Austen Shipley is a staff writer for Yellowhammer News.