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Sheila Bair to Jerome Powell: Stop trying to look so tough on inflation. It will backfire | CNN Business

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Sheila Bair, who guided the FDIC through the Great Recession, worries the Federal Reserve is making today’s banking crisis worse.

The Fed’s war on inflation has piled pressure on the banking system, contributing to the significant stress on the banking system. Even though First Republic this week became the third bank failure in the past seven weeks, the Fed is widely expected to deliver yet another interest rate hike on Wednesday. “I would say hit pause,” Bair told CNN in a phone interview on Monday. “Hitting pause doesn’t mean you’re giving up the fight.

Bair argues the Fed needs “more thought” about the impact these monetary policy decisions are having on the stability of the banking system. “They seem to be siloed,” she said. Bair: ‘Thank goodness’ JPMorgan bought WaMu in 2008 Unlike with the March failure of Silicon Valley Bank, the FDIC was able to immediately find a buyer this weekend for First Republic. After a competitive bidding process, JPMorgan Chase agreed to pay the FDIC $10.

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Big banks are bidding for troubled First Republic as FDIC deadline looms | CNN BusinessFederal regulators are holding an auction for ailing regional bank First Republic, a person familiar with the matter tells CNN.
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