NPR

The Fed admits some of the blame for Silicon Valley Bank's failure in scathing report

A security guard at Silicon Valley Bank monitors a line of people outside the office in Santa Clara, Calif., on March 13, 2023. The Fed admitted it was partly to blame for the collapse of the lender in a scathing report on Friday.
Updated April 28, 2023 at 2:09 PM ET

The Federal Reserve says its own light-touch approach to bank regulation is partly to blame for the collapse of Silicon Valley Bank last month, and it promised more vigorous oversight in the future.

In a , the Fed says its own supervisors were slow

You’re reading a preview, subscribe to read more.

More from NPR

NPR2 min readInternational Relations
Turkey Halts All Trade With Israel Over Military Actions In Gaza
The government described the step as the "second phase" of measures against Israel, adding the steps would remain in force until Israel allows a "sufficient flow of humanitarian aid to Gaza."
NPR4 min read
On 'Here In The Pitch,' Jessica Pratt's Pop Seduces Listeners Into A Los Angeles Noir
The singer-songwriter's fourth album is her best yet, with crisp, commanding songwriting, shades of '60s baroque pop and melodies that seem to have existed forever.
NPR4 min readCrime & Violence
Captain Sentenced To 4 Years In Fiery Deaths Of 34 Aboard Scuba Boat In California
The Sept. 2, 2019, blaze was the deadliest maritime disaster in recent U.S. history, and prompted changes to maritime regulations, congressional reform and several ongoing lawsuits.

Related Books & Audiobooks