Days before the collapse of Silicon Valley Bank, Federal Reserve Chairman Jerome H. Powell took heat from lawmakers in both parties worried about the central bank’s possible plan to raise capital requirements for banks.
At a hearing of the House Financial Services Committee last week, lawmakers questioned Mr. Powell repeatedly why the Fed was considering raising the level of easily sold assets that certain banks must have. Rep. Ann Wagner, Missouri Republican and chair of the subcommittee on capital markets, noted that Mr. Powell has served with the Fed for more than 10 years since Congress imposed tighter financial rules on banks after the collapse of 2008-9.
Before the collapse, Rep. David Scott, Georgia Democrat, also pressed Mr. Powell about new possible capital requirements, telling him, “I want you to reverse this.” The leader in those campaign donations is Sen. Raphael Warnock, Georgia Democrat, with more than $804,000. Conservatives say the fault belongs with the Fed for raising interest rates rapidly in the past year to curb inflation, which Republicans say was worsened by Democrats’ massive spending over the past two years.
Mr. McIntosh said additional regulations being proposed by Mr. Biden “would only make the situation worse and further consolidate power among the big banks and hurt regional banks that small businesses rely on.”
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