The Congressional Research Service reviewed federal authority over financial institution insolvency and the response to the failures of Silicon Valley Bank, Signature Bank and First Republic Bank.
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GAO urged the FDIC, the OCC and the SEC to implement fully previous recommendations on blockchain technology-related risks and take joint action to coordinate related information and processes.
The Congressional Research Service reviewed policy issues related to the oversight of banking agencies in light of the failures of Silicon Valley Bank and Signature Bank.
In a Report to the House Financial Services Committee, GAO found that poor liquidity and risk management practices were factors contributing to the failure of Silicon Valley Bank and Signature Bank. GAO said that regulators identified these risks, but failed to sufficiently address them.
GAO identified deficiencies in the SEC's oversight of FINRA and offered recommendations for enhancing SEC oversight.