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.
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