“The more we learn about SVB, the worse the management of the bank looks,” Senate Banking Committee chair Sherrod Brown said. The executives’ ineptitude illustrates the need for stronger rules, Brown argued.
The chair of the powerful Senate Banking Committee expects lawmakers and regulators to collaborate on changes to regulations and bank laws in the wake of the collapse of Silicon Valley Bank and Signature Bank of New York.
Brown also took aim at former Silicon Valley Bank executives, saying that “the more we learn about SVB, the worse the management of the bank looks.” Speaking at an American Bankers Association conference Wednesday, he argued that the executives’ ineptitude illustrates the need for stronger rules. “We don’t rule out doing some things legislatively,” he added, noting that there could be bipartisan support for new laws to reform the system of deposit insurance administered by the Federal Deposit Insurance Corp.
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