A Naperville letter to the editor: I received an email from Rep. Bill Foster explaining the causes of the SVB failure and bank run.
I received an email from Rep. Bill Foster explaining the causes of the SVB failure and bank run. In the email, he states that he has been the lead Democrat of the House committee that oversees the banking and finance industry since the 2008 financial crisis. Their job was to monitor and ensure that another banking/financial crisis would not occur. Yet here we are 15 years later with the SVB fiasco and the public having very little confidence in the banking industry.
So, it seems to me that Rep. Foster and his committee failed to do their job and are culpable and responsible for the SVB failure. He and his committee should be investigated for criminal negligence.
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