Failed Bank Executives Avoid Accountability During Congressional Grilling

Senators criticized Silicon Valley Bank, Signature Bank, and First Republic Bank executives for risky decision making and accepting large bonuses before their banks collapsed.
The executives blamed external factors like interest rate hikes and social media rather than taking responsibility for mismanagement.
Lawmakers are working to pass legislation allowing regulators to claw back executive pay following bank failures.
Senator Tim Scott called for Federal Reserve staff firings after the Fed admitted inadequate oversight of Silicon Valley Bank.
The Fed vice chair for supervision took full responsibility for failing to anticipate risks posed by Silicon Valley Bank before its failure.