US regulatory system 'failed' to prevent SVB collapse: Fed official
- U.S. Politics
- AFP
- Published Date: 06:19 | 29 March 2023
- Modified Date: 06:19 | 29 March 2023
A top US Federal Reserve official said Wednesday that US regulators shared some of the blame for Silicon Valley Bank's rapid collapse earlier this month after it took excessive interest-rate risk.
"I think that anytime you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed," the Fed's vice chair for supervision Michael Barr told the House Financial Services Committee.
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