March 20, 2023 Group Watch: Tuberville & Britt: Alabama Banks Strong & Safe
In the wake of the collapse of two large California-based banks, U.S. Senator Tommy Tuberville said Alabama residents should not worry about the state’s banks. Last week, the collapse of Silicon Valley Bank and Signature bank fueled concern throughout the nation and the state of Alabama. In his weekly teleconference, Senator Tuberville discussed the banks failures, noting that bank executives failed to adjust for rising interest rates and went for almost a year without a chief risk officer. Additionally, he pointed out executives sold stock and paid out large bonuses. According to Tuberville, banks in Alabama follow the advice of regulators. He said that after surveying banks and banking interest in Alabama, he believes that Alabama banks are on sound footing.
U.S. Senator Katie Britt echoed Tuberville as she sought to assure Alabamians that the banking system was safe. She called for hearings to investigate Silicon Valley Bank’s collapse. As a member of the Financial Institutions and Consumer Protection Subcommittee of the Senate Committee on Banking, Housing and Urban Affairs, she says she wants to lean into the details that have surfaced since the bank collapses. Britt says that banks in Alabama are strong and attributes the California bank collapse to regulators refusing to do their jobs. She also added that the “Fed” failed to use the tools in its toolbox to prevent what we saw in California and says she looks forward to hearing testimony from the responsible parties.
