Rep. Josh Harder: Regulators were 'asleep at the wheel,' should have seen SVB collapse coming
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Representative Josh Harder (D-CA) joins Andrea Mitchell to react to the aftermath of the Silicon Valley Bank collapse as a former venture capitalist who worked with SVB. “In the digital era, confidence can disappear faster than a Snapchat message. And so it's very clear that we're going to need more regulation, more scrutiny to protect other banks, and especially the regional banks, going forward,” says Harder. “I think regulators were asleep at the wheel and not anticipating this crisis before it happened. And so we're going to need to make sure that there's higher insurance guarantees, that the banks have more skin in the game and are paying larger insurance fees, and then we're going to need stronger regulation for the entire midsize regional banking industry.”March 14, 2023
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