Rather than suggest the Fed and FDIC did not regulate the banks tightly enough, Republicans instead suggested that culpability may lie with individual regulators, not the overall regulatory landscape.
The letters sent Monday also advised both the Fed and the FDIC to preserve all records of their oversight of the two failed banks, a request that telegraphs the intent to open a congressional investigation.
With Republicans in the majority in the House, McHenry has broad discretion as to how he will direct the committee he chairs to proceed in any investigation. On the Senate side, however, the Senate Banking Committee is chaired by Ohio Democratic Sen. Sherrod Brown, with Scott as the No. 2.of his own to Gruenberg, Treasury Secretary Janet Yellen, and Michael Barr, the vice chair for supervision at the Federal Reserve board. In it, Brown suggested that responsibility for the bank failures lay in part with top executives at the failed banks.
Brown also asked the regulators to "identify and close regulatory gaps, shortfalls, or failures by state or federal regulators that contributed to the banks' failures." He did not ask for the names of individual Fed or FDIC officials involved in supervising the banks.
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