Our regulatory system failed: Fed vice chairperson on Silicon Valley collapse
Edited By WION Video Desk
Published: Mar 30, 2023, 02:30 IST | Updated: Mar 30, 2023, 02:30 IST
Michael Barr, the vice chair for supervision at the Fed planned to inform lawmakers that mismanagement and a sudden fear among depositors were to blame for Silicon Valley Bank's implosion. Barr, describes how the SVB leadership failed to adequately manage interest rate and liquidity risk in prepared testimony made public on Monday. In his statement before the Senate Banking Committee, Barr claims that SVB's demise is "a textbook illustration of mismanagement."
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