The Globe and Mail reports in its Friday, June 30, edition that Federal Reserve chairman Jerome Powell said Thursday that the central bank may have to tighten its oversight of the American financial system in the wake of the failure of three U.S. banks this spring. An Associated Press dispatch to The Globe reports that Mr. Powell said that tougher regulations put in place after the 2007/2008 financial crisis have made large multinational banks much more resilient to widespread loan defaults, such as the bursting of the housing bubble. However, the collapse of Silicon Valley Bank, Signature Bank and First Republic Bank exposed different vulnerabilities that the Fed will address through new proposals, Mr. Powell said. He did not provide details, but other Fed officials have said banks should be required to hold more capital in reserve to guard against loan losses. Such proposals are likely to face resistance from the banking industry and some congressional Republicans, who argue that the Fed had the necessary tools to prevent the bank collapses but failed to use them. One reason regulators missed the threats to the three banks was "the natural human tendency to fight the last war," Mr. Powell said.