At Senate Banking Committee Hearing, Daines Accuses Regulators of Focusing on Climate Change Rather than Monetary Policy
March 28, 2023
Washington, D.C. – U.S. Senator Steve Daines at a Senate Banking Committee hearing today demanded answers from regulators on the cause of the banking crisis, including how the San Francisco Federal Reserve was focused on climate change policy rather than the Federal Reserve’s dual mandate of price stability and full employment. A transcript of Senator Daines’ opening remarks following by his questioning of Michael Barr, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System, is below: Senator Daines: “Chairman, thank you. The failure of Silicon Valley Bank, Signature Bank and the general turmoil in the banking sector are the direct result of the failures