Financial Services and Oversight Committee Chairs Seek Briefing on FDIC’s Readiness for Financial Crisis During Pandemic
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Congresswoman Carolyn B. Maloney (D-NY), Chairwoman of the Committee on Oversight and Reform, and Congressman Raja Krishnamoorthi (D-IL), Chairman of the Oversight Subcommittee on Economic and Consumer Policy, sent a letter to the Federal Deposit Insurance Corporation (FDIC) seeking information on the agency’s preparedness for a financial crisis as coronavirus poses a threat to the stability of the nation’s economy.
“In light of the ongoing coronavirus pandemic and resulting strains on the global financial system, we urge you to act immediately to establish robust crisis readiness,” the Chairs wrote.
The Inspector General has raised concerns about crisis readiness at FDIC repeatedly. In fact, Inspector General assessments identified it as a top challenge for the agency for 2018, 2019, and 2020.
“We also request that FDIC provide our staffs with a bipartisan briefing regarding steps it is currently taking to improve crisis readiness, implement the Inspector General’s recommendations, and prepare for the potential impact of the coronavirus crisis on FDIC’s critical role in maintaining the stability of the nation’s financial system,” the Chairs wrote.
Click here to read the letter to the FDIC.