Rep. Mike Flood, R-Neb., told Newsmax on Monday that following the collapse of Silicon Valley Bank, “we have to ask: where are the regulators?”
Flood said on "American Agenda" that SVB “doubled in size in the last year, it went from a $50 billion bank to a $220 billion bank in the scope of about 2.5 years. So, we're talking about a financial institution that saw an unbelievable increase in business and assets. And the question I think we have to ask: where are the regulators?”
He continued, “We have banks all over America that are regulated, and regulated, and then regulated even more. Our banking system is safe, I know that Nebraska regional banks are safe, and I've been on the phone with constituents and folks that are running regional banks all over this country today, and they're just shocked … that regulators could let something like this happen.”
Flood went on to say, “It’s even more alarming that KPMG reportedly said that this bank had a clean bill of health just weeks before it went under. So we clearly have a couple of questions that we need to get answers to."
The congressman said, “I think it's important that we not overreact because what happened here with this bank SVB is not what we have in the rest of America.”
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Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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