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San Francisco Fed criticized for missing Silicon Valley Bank’s red flags
What went wrong at Silicon Valley Bank?
Fox News contributor Kim Strassel responds to the bank failure and provides insight on ESG investing standards on ‘Kudlow.’
Criticism of the Federal Reserve Bank of San Francisco is mounting over the collapse of Silicon Valley Bank (SVB) and reports that the Fed failed to adequately monitor the bank and order it to take corrective action before a disastrous bank run occurred.
The Federal Reserve’s network of 12 regional banks is essential in fulfilling the central bank’s role to regulate and supervise financial institutions to monitor risks and ensure the safety and soundness of the banking system. The San Francisco Fed has jurisdiction over much of the western U.S., including California, and was the primary regulator of Santa Clara-headquartered SVB along with its parent holding company.
San Francisco Fed President Mary Daly is facing questions about how regulators failed to take action in addition to the role of former SVB CEO Greg Becker, who was on the San Francisco Fed’s board up until his bank failed.
SILICON VALLEY BANK RECKLESS WITH RISK, ESG PUSH: STATE FINANCIAL OFFICERS