Senators sharply questioned federal regulators about shortcomings in oversight after two bank failures rattled the financial system. Regulators put the blame on the banks’ management.

Adding to crises like the pandemic, recent stress in the banking system is a new threat to world growth, experts at the organization said.

Proposals for more scrutiny of the financial sector are meeting resistance from industry and Congress.

In prepared remarks, the Treasury secretary pledged that the Biden administration would remain vigilant amid financial turmoil.

The Treasury secretary said U.S. banks are “sound” but that regulators feared the collapse of Silicon Valley Bank could have led to other runs.

The Treasury secretary also reassured Americans that their savings were safe.

Officials were initially unsure about the need for the measures they eventually announced to shore up the financial system, but changed their minds quickly.

The Treasury secretary’s comments on Sunday morning sought to assure the public that the overall banking sector was safe.

The new commissioner of the Internal Revenue Service will oversee the agency’s $80 billion overhaul.

Ajay Banga will begin a monthlong “global listening tour” to drum up support for his nomination to be the bank’s next president.