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Press Releases McHenry Statement Regarding Actions Taken at August FDIC Board Meeting

Statement

Date: Aug. 29, 2023
Location: Washington, D.C.
Issues: Finance and Banking Government Budget and Spending

"Under Chair Gruenberg's leadership the FDIC is more focused on exploiting recent bank failures to push pre-determined outcomes than preventing future turmoil in our banking system," said Chairman McHenry. "Nothing considered by the FDIC today would prevent bank failures like SVB. With a credit crunch looming, Biden's regulators appear to be busy developing onerous and overly complex rules to the detriment of consumers and our financial system at large. The lack of transparency and meaningful interaction with Congress while attempting to rewrite regulations for financial institutions is even more concerning.

The one bright spot from today's meeting was Director McKernan's proposal to require the full FDIC Board to vote on the sale of failed banks. While the watered-down staff alternative is a step in the right direction, Director McKernan's approach was much stronger. His proposal would have provided much-needed transparency to the actions of the FDIC during crisis situations, which has been a top priority of House Republicans' legislative response to recent bank failures."


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