New SVB Review Finds Fed Missed Repeated Warnings
A draft report by Starling Trust Sciences found Federal Reserve officials failed to act on repeated warnings about Silicon Valley Bank's financial condition before it failed in 2023. The review, requested by Fed Vice Chair Michelle Bowman, highlights oversight shortcomings.
A new draft report found that Federal Reserve officials failed to adequately respond to repeated warnings about Silicon Valley Bank’s deteriorating financial condition before its 2023 failure. The report by Starling Trust Sciences was commissioned by Federal Reserve Vice Chair for Supervision Michelle Bowman, who has long pushed for an outside review of SVB’s failure. Michael McKee reports on Bloomberg Television. (Source: Bloomberg)
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