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Fed’s Barr Calls Silicon Valley Bank a ‘Textbook Case of Mismanagement’
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WASHINGTON—The failure of Silicon Valley Bank demonstrates a “textbook case of mismanagement,” the Federal Reserve’s top banking regulator is expected to tell Senate lawmakers on Tuesday, while acknowledging there may have been shortcomings in the central bank’s oversight.
“SVB failed because the bank’s management did not effectively manage its interest-rate and liquidity risk, and the bank then suffered a devastating and unexpected run by its uninsured depositors,” said Michael Barr, the Fed’s vice chairman for supervision, in written testimony released by the central bank.
Read more on wsj.comAbout this in other media
Fed's Barr calls Silicon Valley Bank failure a 'textbook case of mismanagement' cnbc.com /1 year ago
Collapse of Silicon Valley Bank, Signature Bank Calls Fed Interest Rate Path Into Question wsj.com /1 year ago
Collapse of Silicon Valley Bank, Signature Bank Calls Fed Interest Rate Path Into Question wsj.com /1 year ago
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