{"id":1900680,"date":"2023-03-18T11:58:10","date_gmt":"2023-03-18T15:58:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-six-people-to-watch-in-banking-disaster\/"},"modified":"2023-03-18T12:01:29","modified_gmt":"2023-03-18T16:01:29","slug":"svb-collapse-six-people-to-watch-in-banking-disaster","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-six-people-to-watch-in-banking-disaster\/","title":{"rendered":"SVB collapse: Six people to watch in banking disaster"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsvb-collapse-six-people-to-watch-in-banking-disaster%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1900680&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"col-12 col-md-7 col-lg-8 col-xl-9 float-left body colgap-l-50\" itemprop=\"mainEntityOfPage\">\n<div class=\"ArticlePage-articleBodyWrapper\">\n<div class=\"ArticlePage-articleBody\" itemprop=\"articleBody\">\n<div class=\"RichTextArticleBody\">\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_79075071\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">                <meta itemprop=\"name\" content=\"SVB collapse: SVB Financial Group files for Chapter 11 bankruptcy\">               <meta itemprop=\"description\" content=\"SVB Financial Group announced Friday it was filing for Chapter 11 bankruptcy to reorganize under court supervision. The group announced that SVB Securities and SVB Capital's funds and general partner entities would not be included in the Chapter 11 bankruptcy.\">               <meta itemprop=\"duration\" content=\"PT1M55S\">               <meta itemprop=\"uploadDate\" content=\"2023-03-17 17:40:56\">               <meta itemprop=\"thumbnailURL\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/snapshot\/1264633_th_1679075029.jpg\">               <meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1264633.mp4\">              <\/div>\n<p>               <script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_79075071\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1264633\"} }); <\/script>               <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>              <\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">O<\/span>One of the most important conversations in Capitol Hill this week was the unexpected collapse Silicon Valley Bank. <\/p>\n<p>While the White House rejects a bailout program that mirrors 2008&#8217;s financial crisis, the Justice Department and Securities and Exchange Commission have launched an investigation into the bank\u2019s failure. The drama surrounding the bank&#8217;s collapse is continuing to unfold. Here are six important players to keep an eye on: <\/p>\n<p><b>SVB COLLAPSE &#8211; SORTING FACT FROM SILICON VALLEY FICTION BANK BLAME GAMES<\/b> <\/p>\n<p><b>Michael Barr, Federal Reserve vice-chair of supervision <\/b> <\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure mb-1 mb-sm-3 mb-md-1 article-lead-photo data_invisible\" data-align=\"center\" data-image-size=\"fixed\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<div class=\"Figure-container\"> <picture><source media=\"(max-width: 768px)\" type=\"image\/webp\" width=\"767\" height=\"511\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 768px)\" width=\"767\" height=\"511\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 1440px)\" type=\"image\/webp\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source media=\"(max-width: 1440px)\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source type=\"image\/webp\" width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><source width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"Figure-caption\" itemprop=\"caption\"> Federal Reserve Board Vice Chairman for Supervision Michael Barr listens as participants engage in conversations with leaders from non-profits, small businesses and manufacturing. The conversation took place at the Federal Reserve building on Friday, September 23, 2022. (AP Photo\/Manuel Balce Ceneta                <\/figcaption><div class=\"Figure-credit\" itemprop=\"author\"> Manuel Balce Ceneta\/AP                <\/div>\n<\/p><\/div>\n<\/figure><\/div>\n<\/p><\/div>\n<p>Barr is leading the inquiry into Federal Reserve&#8217;s supervision and regulation of the bank. According to the reserve, a report will be published on May 1 detailing its findings. <\/p>\n<p>&#8220;We need to have humility, and conduct a careful and thorough review of how we supervised and regulated this firm, and what we should learn from this experience,&#8221; Barr made the statement in a release about the investigation. <\/p>\n<p>Barr will likely play a significant role in the future as Silicon Valley Bank\u2019s developments continue to inform policy and political considerations on both the national and international sides. <\/p>\n<p><b>Lael Brainard is the director of National Economic Council.<\/b> <\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure mb-1 mb-sm-3 mb-md-1 article-lead-photo data_invisible\" data-align=\"center\" data-image-size=\"fixed\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<div class=\"Figure-container\"> <picture><source media=\"(max-width: 768px)\" type=\"image\/webp\" width=\"767\" height=\"511\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 768px)\" width=\"767\" height=\"511\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 1440px)\" type=\"image\/webp\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source media=\"(max-width: 1440px)\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source type=\"image\/webp\" width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><source width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"Figure-caption\" itemprop=\"caption\"> FILE: Lael Brainard is President Joe Biden\u2019s nominee for Vice Chair of Federal Reserve. She speaks during an event at the South Court Auditorium in Washington&#8217;s White House Complex on Nov. 22, 2021. Brainard&#8217;s nomination for the Fed&#8217;s vice-chair was approved by the Senate Banking Committee on Wednesday, March 16th 2022. (AP Photo\/Susan Walsh, File)                <\/figcaption><div class=\"Figure-credit\" itemprop=\"author\"> Susan Walsh\/AP                <\/div>\n<\/p><\/div>\n<\/figure><\/div>\n<\/p><\/div>\n<p>Brainard, who was sworn in recently as the leader of the National Economic Council will be the intermediary between Congress and the White House when it comes to banking. <\/p>\n<p>Brainard was previously the vice chairwoman for the Federal Reserve before her promotion. Brainard was vice chairwoman before being promoted. She warned of the SVB crises if the former President Donald Trump had relaxed regulations that had been in place following the 2008 financial crash. <\/p>\n<p><b>Senator Sherrod Brown (D.OH) is the chair of Senate Banking Committee.<\/b> <\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure mb-1 mb-sm-3 mb-md-1 article-lead-photo data_invisible\" data-align=\"center\" data-image-size=\"fixed\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<div class=\"Figure-container\"> <picture><source media=\"(max-width: 768px)\" type=\"image\/webp\" width=\"767\" height=\"511\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 768px)\" width=\"767\" height=\"511\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 1440px)\" type=\"image\/webp\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source media=\"(max-width: 1440px)\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source type=\"image\/webp\" width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><source width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"Figure-caption\" itemprop=\"caption\"> Senator Elizabeth Warren, D.Mass., and Chairman Sherrod Brown, D.Ohio, speak just before Chairman Jerome Powell, Federal Reserve Board, delivers his semi-annual Monetary Policy Report at the Capitol in Washington, Tuesday, February 7, 2023. (AP Photo\/J. Scott Applewhite)                <\/figcaption><div class=\"Figure-credit\" itemprop=\"author\">                 J. Scott Applewhite\/AP                <\/div>\n<\/p><\/div>\n<\/figure><\/div>\n<\/p><\/div>\n<p>Brown&#8217;s status as the Senate Banking Committee&#8217;s leading senator makes him an important player in the ongoing banking crisis on Capitol Hill, and in discussions about future regulations. <\/p>\n<p>Brown was asked by officials to conduct an investigation into the major financial collapse. A letter was also written detailing the areas that could be affected by another collapse. Last week regulators closed down two banks including Signature Bank in New York. <\/p>\n<div id=\"dsk-banner-ad-g\"><\/div>\n<p>&#8220;These banks were over-concentrated and over-reliant on particular industries and operated with an exorbitantly high percentage of uninsured deposits,&#8221; Brown wrote in an email to the Treasury Department. &#8220;Furthermore, the banks also lacked adequate risk management.&#8221; <\/p>\n<p>Brown said that it would be a good idea to increase regulation in order to prevent future disasters. <\/p>\n<p><b>Rep. Ro Khanna (D-CA). <\/b> <\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure mb-1 mb-sm-3 mb-md-1 article-lead-photo data_invisible\" data-align=\"center\" data-image-size=\"fixed\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<div class=\"Figure-container\"> <picture><source media=\"(max-width: 768px)\" type=\"image\/webp\" width=\"767\" height=\"443\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 768px)\" width=\"767\" height=\"443\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 1440px)\" type=\"image\/webp\" width=\"645\" height=\"372\" data-image-size=\"1060x600_xl\"><source media=\"(max-width: 1440px)\" width=\"645\" height=\"372\" data-image-size=\"1060x600_xl\"><source type=\"image\/webp\" width=\"1060\" height=\"612\" data-image-size=\"1060x600\"><source width=\"1060\" height=\"612\" data-image-size=\"1060x600\"><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"Figure-caption\" itemprop=\"caption\"> Rep. Rohit \u2019Ro\u2019 Khanna from California&#8217;s 17th Congressional District centered around Santa Clara as well as other parts of California\u2019s Silicon Valley is being interviewed in Los Angeles Friday January 26, 2018.                <\/figcaption><div class=\"Figure-credit\" itemprop=\"author\">                 (AP Photo\/Reed Saxon)                <\/div>\n<\/p><\/div>\n<\/figure><\/div>\n<\/p><\/div>\n<p>Khanna is the representative of Silicon Valley in the House of Representatives. His interesting role on Hill is that he must balance the interests of the techno-community with being on the extreme left and pushing for more regulations of banks. <\/p>\n<p>Khanna claimed that Silicon Valley Bank had asked him for fewer restrictions. This, he said, had made him disagree with members of his party. <\/p>\n<p>&#8220;They lobbied to weaken the Dodd-Frank restrictions,&#8221; Khanna added. &#8220;They lobbied me and others to weaken them, to exempt them from the regulations that could have prevented this crisis.&#8221; <\/p>\n<p><b>Sen. Elizabeth Warren (D-MA): <\/b> <\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure mb-1 mb-sm-3 mb-md-1 article-lead-photo data_invisible\" data-align=\"center\" data-image-size=\"fixed\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<div class=\"Figure-container\"> <picture><source media=\"(max-width: 768px)\" type=\"image\/webp\" width=\"767\" height=\"443\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 768px)\" width=\"767\" height=\"443\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 1440px)\" type=\"image\/webp\" width=\"645\" height=\"372\" data-image-size=\"1060x600_xl\"><source media=\"(max-width: 1440px)\" width=\"645\" height=\"372\" data-image-size=\"1060x600_xl\"><source type=\"image\/webp\" width=\"1060\" height=\"612\" data-image-size=\"1060x600\"><source width=\"1060\" height=\"612\" data-image-size=\"1060x600\"><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"Figure-caption\" itemprop=\"caption\"> Senator Elizabeth Warren, D.Mass., previously criticized the Democratic National Committee. Last November, she said that the Democratic primary in 2016 had been unfair. &#8220;rigged&#8221; In support of Hillary Clinton. (AP Photo\/J. Scott Applewhite)                <\/figcaption><div class=\"Figure-credit\" itemprop=\"author\">                 J. Scott Applewhite                <\/div>\n<\/p><\/div>\n<\/figure><\/div>\n<\/p><\/div>\n<p>Warren has been a strong advocate for strict financial regulation\u00a0and consumer protection on Capitol Hill. Warren was a vocal advocate for strict financial regulation and consumer protection on Capitol Hill during the banking crisis. <\/p>\n<p>Due to her polarization Warren is a key player. Democrats who want stricter regulations view Warren as a strong ally. However, banks have not been as warm to her. <\/p>\n<p><b>Jeff Zients is White House Chief of Staff:<\/b> <\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure mb-1 mb-sm-3 mb-md-1 article-lead-photo data_invisible\" data-align=\"center\" data-image-size=\"fixed\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<div class=\"Figure-container\"> <picture><source media=\"(max-width: 768px)\" type=\"image\/webp\" width=\"767\" height=\"512\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 768px)\" width=\"767\" height=\"512\" data-image-size=\"1060x600_md\"><source media=\"(max-width: 1440px)\" type=\"image\/webp\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source media=\"(max-width: 1440px)\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><source type=\"image\/webp\" width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><source width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"Figure-caption\" itemprop=\"caption\"> FILE \u2013 White House COVID-19 Response Coordinator Jeff Zients speaks in a press conference at the White House, Washington, April 13, 2021. Zients, the former White House COVID-19 coordinator, is one of the few who are on the shortlist for White House chief-of-staff Ron Klain. Klain is set to leave his job in coming weeks according to a source familiar with Klain&#8217;s plans.\u00a0(AP Photo\/Patrick Semansky, File)                <\/figcaption><div class=\"Figure-credit\" itemprop=\"author\">                 Patrick Semansky\/AP                <\/div>\n<\/p><\/div>\n<\/figure><\/div>\n<\/p><\/div>\n<p>Zients joined the White House just before the bank closings. Zients has a strong background in economics having been the NEC director under President Barack Obama and as a member of the Facebook board. <\/p>\n<p><b>CLICK HERE FOR MORE INFORMATION FROM THE WASHINGTON XAMINER<\/b> <\/p>\n<p>His main task will be to maintain Biden&#8217;s message and balance the opposing views within his party. Liberal Democrats advocate for stricter banking regulations, while centrist Democrats seek a more balanced agreement. <\/p>\n<p>&#8220;The Biden-Harris Administration moved quickly to stabilize the banking system, without putting taxpayer dollars at risk \u2013 a priority for us,&#8221; Zients tweeted Friday afternoon. &#8220;@POTUS is putting forward specific proposals Congress can pass now to hold senior bank executives accountable. Let&#8217;s get it done.&#8221;<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;Read more from <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/svb-collapse-six-key-people-watch\">SVB collapse: Watch out for six people in banking disaster<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the most important conversations on Capitol Hill this past week has been the unexpected collapse of Silicon Valley Bank. Although the White House has rejected a bailout that echoes the 2008 financial crisis, the Justice Department and the Securities and Exchange Commission have opened an investigation into the bank&#8217;s failure. Here are six<\/p>\n","protected":false},"author":1,"featured_media":1900681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[14689,7385,4164,4370,21356,4516],"class_list":["post-1900680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-banking","tag-collapse","tag-disaster","tag-people","tag-svb","tag-watch"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1900680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1900680"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1900680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1900681"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1900680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1900680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1900680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}