The Senate Banking Committee held a hearing on November 14th to discuss the oversight and accountability of financial regulators. Senator Sherrod Brown emphasized the importance of holding bank executives accountable for risky behavior. Witnesses included representatives from the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Office of the Comptroller of the Currency. Senator Brown also referenced the bipartisan RECOUP Act, which aims to hold senior bank executives accountable for gambling with customer funds. The hearing also addressed concerns about the lack of regulation in the cryptocurrency sphere, particularly regarding algorithmic lending and the unintended consequences it can have. The collapse of several banks, including FTX, highlighted the need for attention to the new liquidity risks associated with social media and large deposit withdrawals. The committee will conduct an annual banking oversight hearing on December 6th, 2023, with participation from eight CEOs of major banks.
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