Fed official tells Congress many to blame for Silicon Valley Bank failure
2023-03-30 09:14:38 source：Reuters
March 29, 2023
March 29 (Reuters) - The scope of blame for Silicon Valley Bank's failure stretches across bank executives, Federal Reserve supervisors and other regulators, the banking system's top cop on Wednesday told U.S. lawmakers demanding answers for the lender's swift collapse.
"I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed," Michael Barr, Fed Vice Chair for Supervision, told Congress. "So we're looking at all of that."
The failures of SVB, and days later, Signature Bank, set off a broader loss of investor confidence in the banking sector that pummeled stocks and stoked fears of a full-blown financial crisis.
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https://www.reuters.com/business/finance/fed-was-discussions-with-silicon-valley-bank-use-discount-window-before-collapse-2023-03-29/