The Federal Reserve's top banking regulator said Monday that the failure of the Silicon Valley Bank was due largely to mismanagement.
Michael Barr, vice chair for supervision of the Board of Governors of the US Federal Reserve, during a Fed Listens event in Washington, D.C., on Friday, Sept. 23, 2022.The Federal Reserve's top banking regulator said Monday that the failure of the Silicon Valley Bank was due largely to mismanagement, though he noted that regulation and oversight also need to step up.
Fed Governor Michael Barr, the central bank's vice chair for supervision, insisted in prepared remarks to two congressional panels that regulators had noted issues with SVB's risk management, but the bank was too slow to respond."To begin, SVB's failure is a textbook case of mismanagement," he said.
Barr is to address the Senate Banking Committee on Tuesday, followed by an appearance before the House Financial Services Committee on Wednesday.
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