In a recent article published in The New York Times, journalist Peter Coy argues that despite initial urgency following Silicon Valley Bank's (SVB) failure in March 2023, momentum for reform has largely dissipated.
"Two years ago, the collapse of Silicon Valley Bank sounded an alarm over vulnerabilities in the banking system," Coy writes. "And briefly, it looked like a call to action: The Federal Reserve released a 102-page critique of its own failures in oversight; Congress kicked off hearings to examine banking legislation; and columnists (including this one) outlined ideas for preventing the next crisis. Yet all of that talking has led to very little."
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