March 29, 2023 |
Photo – Senator Cynthia Lummis – Bigfoot99 file photo
U.S. Senator Cynthia Lummis used her seat on the Senate Banking Committee, Tuesday, to push back against Federal Reserve regulators who may force Wyoming banks to cover for their involvement in recent high-profile failures, including the collapse of Silicon Valley Bank.
Lummis said the blame for the meltdowns lay at the feet of the regulators who were asleep at the wheel and appearing before the committee on Tuesday.
Regulators told the Senate committee that the Silicon Valley Bank’s failure was a “textbook case of mismanagement”, signaling that banks with more than $100 billion in assets need tougher oversight.
Senator Lummis noted the importance of ensuring Wyoming community banks are not forced to foot the bill and comply with burdensome new regulations because of the recent failures.