WASHINGTON — Sen. Bernie Sanders, I-Vt., said he plans to introduce a measure that would prevent big bank executives from serving on the boards of the regional Federal Reserve banks that oversee them.
“One of the most absurd aspects of the Silicon Valley bank failure is that its CEO was a director of the same body in charge of regulating it: the San Francisco Fed,” the Vermont senator said on Twitter on Saturday. “I’ll be introducing a bill to end this conflict of interest by banning big bank CEOs from serving on Fed boards.”
Greg Becker, Silicon Valley Bank’s former president and chief executive officer, had served as a director on the San Francisco Fed board before the bank failed last week. Lawmakers are scrutinizing why the San Francisco Fed failed to address problems at the lender before its collapse.
