Deprecated: Implicit conversion from float 79.9 to int loses precision in /home/cxvps542/visegrad24.info/wp-includes/class-wp-hook.php on line 85

Deprecated: Implicit conversion from float 79.9 to int loses precision in /home/cxvps542/visegrad24.info/wp-includes/class-wp-hook.php on line 87

Deprecated: Constant FILTER_SANITIZE_STRING is deprecated in /home/cxvps542/visegrad24.info/wp-content/plugins/wpseo-news/classes/meta-box.php on line 59

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/cxvps542/visegrad24.info/wp-includes/functions.php on line 6114
The Fed acknowledges errors contributing to the fall of Silicon Valley
Fastest News Updates around the World

The Fed acknowledges errors contributing to the fall of Silicon Valley

144

- Advertisement -

“After the collapse of Silicon Valley, we need to strengthen the Fed’s oversight and regulation functions based on what we’ve learned,” said US Federal Reserve Vice Chairman for Supervision Michael Barr.

Barr’s comments came in a statement accompanying a report released by the Federal Reserve today, Friday, in which he called for increased banking supervision and acknowledged his setbacks to the collapse of the Silicon Valley “SVB” bank last month.

Michael Barr said SVB management failed to adequately manage risk ahead of the bank’s rapid collapse, while Federal Reserve supervisors failed to take decisive action after identifying problems at the bank, which specializes in financing technology companies.

It is noteworthy that the collapse of the bank on March 10, taking on a lot of interest rate risks, caused a rebound in the entire banking sector, which led to the collapse of another US regional bank and the acquisition of the Swiss bank “UBS”. its competitor Credit Suisse.

In turn, a senior Fed official told reporters ahead of the release of the report that the review would be far-reaching and would take a broader look at liquidity and reserve capital rules.

For his part, Federal Reserve Chairman Jerome Powell said in a statement that he welcomed Barr’s report and his “self-criticism” over the collapse of the SVB.

Source: AFP.

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More