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Lawmakers Scold Fed Over Silicon Valley Bank Collapse
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Senators rebuked the Federal Reserve for failing to prevent the collapse of Silicon Valley Bank despite identifying risks beforehand, while the central bank’s top regulator blamed the firm’s executives for not fixing its problems.
In an appearance Tuesday before the Senate Banking Committee, Michael Barr, the Fed’s vice chairman for banking supervision, defended the actions of the Fed’s supervisors and said the central bank had privately raised concerns with SVB before its March 10 collapse and had given the lender poor ratings for managing its risks.
Read more on wsj.comAbout this in other media
Silicon Valley Bank collapse was fastest since Barings, says BoE governor theguardian.com /1 year ago
Fed’s Barr Calls Silicon Valley Bank a ‘Textbook Case of Mismanagement’ wsj.com /1 year ago
Fed's Barr calls Silicon Valley Bank failure a 'textbook case of mismanagement' cnbc.com /1 year ago
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