Washington, DC – U.S. Representative Young Kim (CA-40), who serves on the House Financial Services Committee, released the following statement on reports released today by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Government Accountability Office on recent bank failures.
“I welcome the reports regarding the Silicon Valley Bank and Signature Bank failures. This is a first step to provide much needed transparency on the federal government’s response and assess whether any supervisory changes are needed,” said Rep. Young Kim. “Unfortunately, the Fed’s report—released under the leadership of Vice Chair Barr—misses the mark and deflects blame from the Fed’s own regulatory missteps to a bipartisan law that tailored regulations and supervision. Despite the current economic environment and uncertainty in the banking industry, the Fed decided to proceed with proposals to increase capital requirements, which could lead to less available credit for small businesses. I will continue pressing for accountability and transparency as a member of the Financial Services Committee, and I look forward to hearing from regulators and learning more about their decision making in May.”
