BREAKING: The Federal Reserve says it 'failed' to regulate Silicon Valley Bank in the run up to its collapse.
April 28, 2023, 11:35 AMThe Federal Reserve failed in its role as the banking industry watchdog in the run up to theThe Fed sharply criticized leadership at Silicon Valley Bank for "a textbook case of mismanagement," but the report also faulted the Fed's lax oversight and an inability to anticipate the systemic threat posed by the bank's failure.
"Federal Reserve supervisors failed to take forceful enough action," said Michael Barr, the central bank's vice chair for supervision, who wrote the report. "SVB's failure demonstrates that there are weaknesses in regulation and supervision that must be addressed."
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