Last week, Michael S. Barr, Vice Chair for Supervision on the US Federal Reserve Board, explained how the Fed is working to reform its supervision in the wake of the 2023 "banking turmoil" in written testimony submitted to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs.
"It has been a little over a year since the sudden failure of SVB and ensuing stress in the banking system—events which prompted questions about how banks manage risks and how we at the Federal Reserve and other agencies supervise that risk-taking," Barr wrote. "As noted in my testimonies last year, these events highlighted the need to improve the speed, force, and agility of supervision to align better with the risks, size, and complexity of supervised banks, as appropriate."
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