All articles tagged with #regulatory failure
A review reveals that the hair-loss drug finasteride has been linked to depression and suicide for over 20 years, but regulators and manufacturers failed to act on the warning signs, highlighting systemic issues in drug safety monitoring and the need for urgent reform.
The article criticizes Max Verstappen for repeated deliberate and unsportsmanlike actions on the track, highlighting how F1 authorities have failed to adequately address or penalize his behavior, which poses safety concerns and undermines the sport's integrity.
The Federal Reserve's Vice Chair for Supervision, Michael Barr, released a report on Silicon Valley Bank's failure, which mainly serves to protect the Fed and bolster the Biden Administration's financial regulatory agenda. The report concedes that examiners at the San Francisco Fed flagged numerous problems at SVB well before its failure, but it says they were handcuffed by higher-ups in Washington and a 2018 law that eased regulations on mid-sized banks. The solution to regulatory failure is always to give regulators more power, but this approach may not be effective.
The Federal Reserve's top regulator, Michael Barr, has admitted that the banking supervisors failed to take appropriate action to address the growing problems at Silicon Valley Bank before it collapsed last month. Barr stated that the supervisors did not fully appreciate the extent of the vulnerabilities as SVB grew in size and complexity, and when they did find risks, they did not take sufficient steps to ensure the firm fixed those problems quickly enough. This signals a broad push to toughen rules on the industry.
A report from the Financial Stability Oversight Council (FSOC) shows that regulators knew about the risk posed by Silicon Valley Bank's (SVB) high proportion of uninsured deposits five years before its collapse, but no action was taken to reduce the risk. The report warned that uninsured deposits are at a much higher risk of bank runs than insured deposits. Despite this, regulators approved SVB's merger and did not subject the bank to enhanced supervision. Experts say high proportions of uninsured deposits are a major bank-run risk factor that should have prompted regulatory action.