Fed Asked by US Senate to Provide Report on Supervision of Bankrupt SVB

Washington, March 24 – A group of US senators has requested information from the leadership of the Federal Reserve System on how to supervise a Silicon Valley bank in the run-up to its bankruptcy.

SVB, one of the twenty largest US banks, could not handle the influx of deposits and was shut down on March 10 by California regulators. It was the largest banking failure in the country since the 2008 financial crisis.

Most of the signatures under the appeal belong to Republicans from the Senate Banking Committee.

After the collapse of SVB, US authorities shut down the large New York-based Signature Bank and crypto-focused Silvergate Bank due to “systemic risks.”