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The US Federal Reserve calls for adopting new rules to avoid a banking collapse

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The US Federal Reserve calls for adopting new rules to avoid a banking collapse

2023-04-29 01:51


Shafaq News / The US Federal Reserve urged, on Saturday, to renew a set of rules for medium-sized banks to avoid the problems that led to the collapse of the Silicon Valley Bank, according to a report by the Wall Street Journal.


"The supervisors did not fully appreciate the scale of vulnerabilities in the banking sector as the Silicon Valley problem began to get complicated," said Michael Barr, vice chair of the Federal Reserve's oversight board.




Barr added, "The Reserve, when it sensed that there were some complications in Silicon Valley, did not take sufficient steps to ensure that the bank fixed these problems quickly enough."


"The mistakes made by the Fed regulators were driven in part by changes that generally eased rules for medium-sized banks," he said.


"These changes hampered effective oversight by reducing standards, increasing complexity, and promoting a less assertive supervisory approach," Barr continued.

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Banking Crisis Not Accidental: It’s the Last Leg of the Fed’s Master Plan Warns Jekyll Author

Stansberry Research


283,283 views  May 22, 2023  #cashless #bankingcrisis #federalreserve
“The world is now in the hands of the banking institutions,” says G. Edward Griffin, author of Creature from Jekyll Island and founder of the Red Pill University. He argues that large banks have become so powerful that they are now “regulating the governments.” When it comes to the banking crisis, he says that it has been with us for a long time and “might really change our lives in the near future.” He concludes that investors will eventually lose their freedom of choice in the market because we’re moving towards a cashless society. “It’s not our money, we don’t own it,” he says.

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