CNBC: Sen. Elizabeth Warren: Current FDIC staffing shortages ‘threaten the safety and soundness of the banking system’
Sen. Elizabeth Warren is urging the Federal Deposit Insurance Corporation to reevaluate the decision to rescind more than 200 job offers to bank examiners in the wake of President Donald Trump's federal hiring freeze.
The FDIC is already severely understaffed, which "threatens the stability of the banking system," Warren, D-Mass., explained in a letter sent Monday to Inspector General Jennifer Fain and shared exclusively with CNBC.
In the letter, also signed by Sen. Raphael Warnock, D-Ga., Sen. Chris Van Hollen, D-Md., and Sen. Lisa Blunt Rochester, D-Del, the senators said staffing shortages directly contributed to Signature Bank's failure in March 2023.
The lack of examiners "led to a series of supervisory delays, canceled or postponed exams, and quality control issues in the supervision of Signature," the letter said.
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Read the full article here.
By: Jessica Dickler
Source: CNBC
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