Former Top Treasury Official Warns More Banks May Fail

  • Former Assistant Treasury Secretary Mike Faulkender warned Monday that more banks may soon fail, the same day federal regulators broker a deal with JPMorgan Chase to save First Republic.
  • Faulkender, chief economist of the America First Policy Institute, blamed industry leadership for failing to prepare for a period of rising interests rates.
  • Earlier this year,  Silicon Valley Bank and Signature Bank also failed.
  • “Bank’s management itself is absolutely responsible for this,” Faulkender also said. “We have known for decades, if not centuries, that it is this imbalance between … loans that are long term loans that are funded by short term deposits.”
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