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As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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New Year’s Resolutions for Supervision

New Year’s Resolutions for Supervision

by Starling Insights

Starling Insights Editorial Board

Jan 11, 2024

Observations

Bank Failures US Fed Reserve Culture & Conduct Supervision Capital Requirements

In a recent speech, Michelle W. Bowman, a Governor on the US Federal Reserve Board, reflected on the "banking turmoil" of 2023, calling for a shift in focus away from reforming regulation and toward improving supervision.

"Last year's stress, precipitated by the spring bank failures, validated the tenet that supervision, when implemented effectively and appropriately, is the single most effective tool to support a safe and sound banking system," Bowman said. In the case of Silicon Valley Bank, supervisors failed to take sufficient action to mitigate the "known significant, idiosyncratic risks" of the bank's business model.

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