The Federal Reserve (Fed) acknowledged on Friday, in a report concerning the bankruptcy of the American bank SVB, a series of failures by "not fully appreciating the extent
of the vulnerabilities
" of the bank and "
not having made the decisions necessary
” to force the establishment to remedy it.
"
After the failure of Silicon Valley Bank, we need to strengthen Federal Reserve oversight and regulation based on what we've learned,
" said Fed Vice Chairman for Oversight Michael Barr. adding that this report was "
the first step in this process
".
More information to come...