Back to Bessent demands Fed surrender banking oversight to Treasury
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Easy
true false
Silicon Valley Bank collapsed under Fed oversight in 2023. Does this prove Bessent's case that Fed banking supervision failed?
Explanation
False. SVB collapse shows gaps in Fed oversight that need strengthening, not elimination. Removing Fed supervision entirely would create more bank failures by putting oversight under political control...
Sources
- FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California | FDIC.gov
- Bank Regulation: Preliminary Review of Agency Actions Related to March 2023 Bank Failures - GAO report GAO-23-106736
- Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank - April 2023
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