Washington | The fallout of Silicon Valley Bank’s failure rumbled through Washington on Tuesday (Wednesday AEDT), with lawmakers from both parties demanding that the Federal Reserve explain why it did not use the powers it had and some Democrats calling for tighter financial rules.

Lawmakers from both parties expressed their shock and anger, at a Senate Banking Committee hearing, over the sudden collapse of Silicon Valley Bank and Signature Bank this month. The regional banking crisis has also led to another lender liquidating itself and a fourth being aided by a consortium of private banks.

Bloomberg