the action necessary. they were quite vulnerable to risk to shocks and they didn t take the actions necessary. cnn s claire sebastian live in london with more another round of those hearings today. how do financial regulators suggest, i guess preventing this from happening again? i mean, you heard there, you heard that the fed had warned this bank and told this bank. look there are some weaknesses here for maybe a year running up to this, but the bank didn t take any action. yeah, i think look, it s clearly it s only if you look at how the lawmakers handled this on in the senate on tuesday. it s not good enough to say that this is a case of mismanagement. at one bank, there were warning signs there now looking closely regulation there is agreement among those three regulators who return to the house to testify today, christine that more needs to be done to tighten that banking rules. they were surveyed and asked for a yes no answer on that subject by elizabeth warren they ll be looking
and button up their case before moving on to vote on a possible indictment. packer would be able to rebut that testimony because he was involved in putting together these hush money schemes or stormy daniels and at least one other woman to get them to keep quiet about their alleged affairs with the former president. now at this point, the next time we know the grand jury will meet will be on wednesday. we ll see what happens, then is unclear if they will move to vote on a possible indictment of the former president, something that would be the first in us history. polar read, cnn, new york top u. s. banking regulators are due on capitol hill in the coming hours where they re expected to face tough questions about the collapse of silicon valley bank. vice chairman of the federal reserve is expected to tell us senators that mismanagement led to the bank s failure, but others are blaming the rollback of stricter banking rules under president trump, while still
s. banking regulators are due on capitol hill in the coming hours where they re expected to face tough questions about the collapse of silicon valley bank vice chairman of the federal reserve is expected to tell the u. s. senators that mismanagement led to the bank s failure, but others are blaming the rollback of stricter banking rules under president trump, while still others are focusing on why regulators didn t see the collapse coming. claire is going to be watching it all lucky you. yeah but it is this issue. whatever was in the law whatever was going on in the board of the bank regulators should have seen sooner that this was about to happen. yes so there s three things i think right. there s the issues that silicon valley bank specifically what the vice chair of the fed called a textbook case of mismanagement, he says, as we know there was too much concentration in their client base. too much tech much capital. they grew too quickly. they had too many uninsured deposits. all of
that this collapse wasn t their fault, it was the banking regulators who were asleep at the wheel. and believe me, i have questions for a lot of the banking regulators. but congress handed chair powell the flame thrower that he aimed at the banking rules. european central bank says banking center is strong and solvent and raised its benchmark interest rate half a point bringing them to 3%, highest level since 2008. ecb president christine lagarde says inflation is projected to remain too high for too long. and the u.s. banking system is stronger now than before the great recession. given the reforms that have taken place, and theri was aroun 2008 so i have clear recollection of what happened and what we had to do, we did reform the framework, we did agree on basal 3, we did
purposes and they all got in trouble at the same time and depositors needed money at the same time. we don t see that across the whole company. we have a tech start-up downturn and it caught these two banks up. going forward, there s less of a risk of seeing a lot of these. let s get your take on this exchange between secretary yellen and senator elizabeth warren. we re all waiting to see what the fed does on the we expect the back end of this turmoil within the banks. but we heard from, give that to me again. i will just read it. she said over the last few days we have heard a lot of republicans say that the collapse was not their fault, that it was the banking regulators that were asleep at the wheel. and believe me, i have questions for a lot of the banking regulators. but congress handed chair powell the flame thrower he aimed at the banking rules, suggesting that chairman powell has some culpability here. give us the context around that from senator warren. sure.