2023-06-26 17:45:00
© Archyde.com Fed member Bowman calls for an investigation into bank failures
Arabictrader.com – US Federal Reserve policymaker Michael Bowman on Sunday criticized proposals to increase bank capital requirements, arguing that US banks need better oversight rather than higher capital requirements as they might hinder lending, and called for an independent investigation. And neutral regarding the bank collapses that the United States witnessed in early 2023, according to Bloomberg.
Bowman added that the recent report on banking failures, prepared by Deputy Michael Barr, was not reviewed by other council members before it was published, and what is of concern in this regard is that it did not give other members of the US Federal Council the ability to contribute to the content of the report.
During a conference held in Austria, the US Federal Reserve member reported that there is a real question regarding whether these efforts meet adequate accounting standards for what happened or not, and the Michael Barr report called for more banking supervision while recognizing the failures of the US Federal Reserve in its supervision of a bank Troubled Silicon Valley, California.
It should be noted that during a congressional hearing last Thursday, US Federal Reserve Governor Jerome Powell stated that reports indicate that regulators are considering increasing capital requirements for some banks in the United States by up to 20%, stressing that capital requirements will be very severe for For the eight largest banks, knowing that there may also be some capital increases for other banks.
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