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SVB Fallout

Sanders Urges Banning Bank CEOs on Regional Fed Boards

  • ‘Absurd’ that Silicon Valley Bank chief sat on SF Fed’s board
  • Vermont senator’s bill would update proposal from a decade ago
Bloomberg business news
Why the Silicon Valley Bank Collapse Matters

Senator Bernie Sanders said he plans to introduce a measure that would prevent big-bank executives from serving on the boards of the regional Federal Reserve banks that oversee them. 

“One of the most absurd aspects of the Silicon Valley bank failure is that its CEO was a director of the same body in charge of regulating it: the San Francisco Fed,” the Vermont senator said on Twitter on Saturday. “I’ll be introducing a bill to end this conflict of interest by banning big bank CEOs from serving on Fed boards.”