Fed may tighten bank oversight after Spring bank failures, AP says

The failure of three large U.S. banks this past Spring, may lead to stricter regulations and oversight of the American financial system, said Fed Chair Jerome Powell on Thursday, reports the AP. Speaking at a banking conference in Spain, Powell said, the “collapse of Silicon Valley Bank, Signature Bank (SBNY) and First Republic Bank (FRCB) exposed different vulnerabilities that the Fed will likely address through new proposals,” notes the AP story.