Why did regulators ignore Dodd-Frank and orderly liquidation for failed banks? ...Middle East

At 6:15 pm eastern time on Sunday, Treasury Secretary Yellen, Fed chair Jerome Powell and FDIC chair Martin Gruenberg issued a statement confirming that the FDIC insurance fund would cover all depositor balances in accounts held at the failed institutions Silicon Valley Bank (SVB) and Signature Bank, even those above the $250,000 FDIC insurance limit. The statement said that the agency heads were taking the extraordinary action of guaranteeing all deposits in two specific banks using powers available to them under a “systemic risk exception” even though the Dodd-Frank Act specified that the Treasury, FDIC, and Fed should use Orderly Liquidation Authority (OLA) in such a situation.

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Last updated : 16 March 2023 clock 06:16 PM

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Why did regulators ignore Dodd-Frank and orderly liquidation for failed banks? ...Middle East

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