Fed report on SVB collapse faults bank's managers — and central bank regulators
Publishing timestamp: 2023-04-28 15:13:41
Summary
The Federal Reserve has released a report on the collapse of Silicon Valley Bank (SVB), which it attributes to mismanagement and supervisory missteps, compounded by social media frenzy. The report calls for changes in the way regulators approach the financial system and for strengthening the Federal Reserve's supervision and regulation. The report also notes that increased capital and liquidity might have helped SVB survive and that future changes could see standardized liquidity requirements for a broader range of banks and tighter supervision of compensation for bank managers. The report has led to calls for far-reaching re-regulation and tougher supervision of mid-sized banks.
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Keywords: banks, economy, signature bank, joe biden, breaking news: markets, federal reserve bank, jerome powell, spdr s&p bank etf, svb financial group, breaking news: economy, business news,