President Joe Biden on Friday nominated economist and World Bank official Adriana Kugler to join the Federal Reserve’s powerful Board of Governors and Philip Jefferson to be the central bank’s vice chair.
Silicon Valley Bank’s downfall sent waves of panic through the financial system in early March, setting off a chain reaction of chaos with which regional banks are still grappling.
Silicon Valley Bank imploded due to mismanagement and a sudden panic among depositors, a top Federal Reserve official plans to tell lawmakers at a hearing on Tuesday.
All eyes are trained on the Federal Reserve as it prepares to announce another potential interest rate hike Wednesday afternoon — exactly 10 days after the Biden administration stepped in with dramatic emergency actions to contain the fallout from two bank failures.
Bankman-Fried, the 30-year-old former crypto celebrity, was arrested a week ago at his luxury residence in the Bahamas. Federal prosecutors in New York charged him with eight counts of wire fraud and conspiracy charges, alleging he defrauded customers and investors in FTX, the cryptocurrency exchange he founded in 2019.
Lawmakers are demanding that Sam Bankman-Fried, the founder of the failed crypto exchange FTX, appear before the Senate Banking Committee next week over “significant unanswered questions ” surrounding the collapse of his companies.
