Federal Reserve Chair Jerome Powell says the central bank may have to tighten its oversight of the American financial system after the failure of three large U.S. banks this spring.
sharply lowered the value of its bond holdings, because they paid out lower interest rates than newer bonds.
Fed supervisors had spotted bank vulnerabilities, including exposure to rising rates, but were working within a system that moved too slowly to head off trouble, Powell said. An ongoing review of Fed supervision would “try to find ways to be more agile and, where appropriate, more forceful," Powell said.under legislation passed by Congress and rules issued by the Fed.during House and Senate hearings over the potential for tighter rules. Michael Barr, the Fed's top regulator, has said the central bank might require larger banks to hold more capital in reserve.
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