Regulators need to decide how to recover the cost of rescuing Silicon Valley Bank and Signature Bank — and community banks across the country are warning they should not be on the hook.
A top federal regulator called the failure of Silicon Valley Bank a "textbook case of bank mismanagement" during a Senate hearing about what led to its spectacular collapse
Speaking before the Senate Banking Committee, Powell warned the central bank may have to raise interest rates even more, sending stock markets sharply lower.
Congress, which has been unable to pass comprehensive crypto legislation, is digging into what happened as regulators try to police the new, mysterious world of virtual currencies with old laws.
Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.
Washington policymakers will soon start deciding on new rules for cryptocurrencies, setting up a fight between supporters and critics of the $2.5 trillion market.
