Federal Reserve Board Vice Chair for Supervision Michael Barr and Federal Deposit Insurance Corporation Chairman Martin Gruenberg testified in Congress on Wednesday.
Reuters have a redcap up:
- "I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed," Michael Barr, Fed Vice Chair for Supervision, told Congress. "So we're looking at all of that."
- "I think all of us were caught incredibly off-guard by the massive bank run that occurred when it did."
Barr also had monetary policy comments:
US officials on the bank failure:
