The banking crisis that formed from the failures of Silicon Valley Bank (SVB) and Signature Bank was the result of a wide range of factors, including Federal Reserve supervisors who did not do enough to make sure that SVB management fixed the company’s problems, according to a new report from the central bank. The Fed Board…
Federal Reserve Admits It ‘Failed’ in Lead up to Silicon Valley Bank Collapse
Fed Was in Talks With Silicon Valley Bank to Use Discount Window Before Collapse
March 30, 2023
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Federal Reserve officials were reportedly in discussions with Silicon Valley Bank (SVB) to use its discount window, right before its collapse earlier this month. The Fed’s top enforcer testified in front of Congress on March 29, as the elected representatives demanded answers for the California-based lender’s collapse. House lawmakers questioned the regulators’ competency and accused…
Silicon Valley Bank a ‘Textbook Case of Mismanagement,’ Fed’s Barr Tells Senate
The failure of Silicon Valley Bank (SVB) was driven by a “textbook case of mismanagement,” Federal Reserve vice chair of supervision Michael Barr told a Senate hearing. Appearing before the Senate Banking, Housing, and Urban Affairs on Tuesday, Barr diagnosed the driving force behind the financial institution’s collapse. “SVB’s failure is a textbook case of…
Michael Barr Confirmed by Senate as Fed’s Vice Chair of Supervision
The U.S. Senate has voted to confirm Michael Barr as the vice chairman of supervision at the Federal Reserve, one of the most important financial regulatory roles in the country, amid rising interest rates and the worst inflation in four decades. The Senate on Wednesday morning voted 66–28 to approve Barr, a former Obama administration official, as a member…
Senate Panel Backs Michael Barr, Biden Pick as Fed Regulator
WASHINGTON—The nomination of Michael Barr, President Joe Biden’s choice to be the top regulator on the Federal Reserve’s Board of Governors, was approved Wednesday by a congressional committee and sent to the full Senate. Barr, who served as a top Treasury Department official in the Obama administration, is considered likely to be confirmed by the…
Biden Taps Michael Barr to Serve in Fed Role
President Joe Biden Friday announced his intent to nominate Michael Barr to serve as the Federal Reserve’s vice chairman of supervision. The announcement comes about a month after Biden’s first choice for the job, Sarah Bloom Raskin, withdrew her nomination. Raskin faced opposition from Republicans and Sen. Joe Manchin (D-W.Va.), who criticized her past statements…
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