Press Releases
McHenry Statement on Regulator, GAO Reports Regarding Recent Bank Failures


Washington, April 28, 2023 -

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement in response to reports regarding recent bank failures issued today by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Government Accountability Office.
 
“I appreciate the GAO providing a timely and independent review. This is the first step to transparency,” said Chairman McHenry. “The same cannot be said about the internal, and frankly self-serving, reports issued by regulators. While there are areas identified by Vice Chair Barr on which we agree—including enhancing attention to liquidity issues, especially when a firm is rapidly growing—the bulk of the report appears to be a justification of Democrats’ long-held priorities. Specifically, the section on tailoring is a thinly veiled attempt to validate the Biden Administration and Congressional Democrats’ calls for more regulation. Politicizing bank failures does not serve our economy, financial system, or the American people well. The Financial Services Committee will continue to use all tools available—including upcoming hearings with regulators in May and Treasury Secretary Yellen in June—to get to the bottom of what happened.”

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