Top Republicans quick to criticize proposals for new rules
Federal Reserve Board Vice Chair for Supervision Michael Barr recommends that the Fed heighten its scrutiny of banks with more than $100 billion in assets.
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The Federal Reserve on Friday issued its analysis of last month’s failure of Silicon Valley Bank, identifying managerial and regulatory incompetence as well as “a shift in the stance of supervisory policy” following the passage of a 2018 law that eased regulations on midsize banks as the main culprits for SVB’s demise.
“SVB failed because of a textbook case of mismanagement by the bank,” wrote Michael Barr, the Fed’s vice chairman for supervision, in a Friday letter to his colleagues, noting that both senior leadership and…
