The bankruptcy of the Silicon Valley Bank (SVB) at the beginning of the month, is the demonstration that "
our regulatory system has failed
", recognized on Wednesday the vice-president of the Federal Reserve, Michael Barr, on the occasion of a hearing before the House of Representatives.
“
I think that each time we have a bankruptcy of the type we have just witnessed, it means that the management (of the bank, Editor's note) has failed, that the supervisors have failed and that our system of regulation has failed
”, declared Michael Barr before the American elected officials.
