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Barr Cross-Examines Witnesses during Hearing on Regulatory Reaction to Latest Bank Collapses.


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On Thursday, October 1, the House Financial Services Committee conducted a hearing to examine the response of regulators to recent bank failures. During the hearing, Attorney General William Barr questioned witnesses about their efforts to prevent and respond to these failures. The witnesses included Jelena McWilliams, the Chair of the Federal Deposit Insurance Corporation (FDIC), Randal Quarles, the Vice Chair for Supervision at the Federal Reserve System, and Rodney Hood, the Chair of the National Credit Union Administration (NCUA). Barr's questioning centered on the causes of recent bank failures, how regulators identified these failures, and what actions were taken to prevent them. He also asked about the role of risk management and how it can be improved moving forward. One key point of discussion was the impact of the COVID-19 pandemic on the banking industry. McWilliams noted that while the pandemic has caused economic disruption and uncertainty, the banking industry entered the crisis in a strong position with high levels of capital and liquidity. Quarles added that the Federal Reserve has taken several steps to support the industry, such as providing liquidity facilities and relaxing certain regulatory requirements. However, Barr also raised concerns about potential vulnerabilities in the system, particularly for smaller banks. He asked the witnesses about efforts to address these vulnerabilities and ensure that they do not result in future failures. Hood highlighted the role of the NCUA in overseeing credit unions and promoting financial stability. He noted that the agency has taken steps to strengthen risk management practices and increase transparency. Quarles echoed this sentiment, stating that the Federal Reserve is focused on promoting safety and soundness throughout the banking industry. Overall, the hearing provided an opportunity for regulators to discuss their efforts to protect the banking industry from failure and promote financial stability. While the witnesses acknowledged that there are ongoing challenges and risks, they expressed confidence in the resilience of the system and their ability to respond to any future threats. https://inflationprotection.org/barr-cross-examines-witnesses-during-hearing-on-regulatory-reaction-to-latest-bank-collapses/?feed_id=106212&_unique_id=6484484418198 #Inflation #Retirement #GoldIRA #Wealth #Investing #FinancialServices #Hensarling #houseofrepresentatives #BankFailures #FinancialServices #Hensarling #houseofrepresentatives
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