Fed’s Barr Acknowledges Oversight Lapses Before SVB Failure
- Vice chair for supervision says that supervisors ‘failed’
- Fed, FDIC and Treasury officials testify on SVB in House panel
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The Federal Reserve’s top bank regulator on Wednesday said that supervisors could have done more to keep tabs on Silicon Valley Bank before it collapsed earlier this month.
The acknowledgment from Michael Barr, the vice chair for supervision at the Federal Reserve, was the most direct yet by a government official of possible oversight lapses leading up to the bank’s failures. Barr is leading an internal review of the agency’s oversight of Silicon Valley Bank, which is known as SVB.