The Role of Regulators in the Banking Sector

JP Morgan has been rated by regulators to be the riskiest bank in the United States. The FDIC's deposit insurance fund, according to its filings at the end of 2022, had $128 billion. In just two months, it's already spent $35 billion on bailouts for Silicon Valley Bank, Signature Bank and First Republic Bank. So who is watching their watchmen? Who is regulating the regulators? I mean, they're working for the banks clearly.