San Francisco Fed President Mary Daly said Thursday she was not "regularly aware" of problems at Silicon Valley Bank before its failure in March.
San Francisco Federal Reserve Bank President Mary Daly said Thursday that she was “ring-fenced” from the day-to-day oversight of Silicon Valley Bank, the bank headquartered in her district that failed in March, setting off stress in the U.S. banking system that caused two other banks to fail.
Daly was heavily criticized after the bank’s collapse, including by members of Congress, who pointed out that the chair of Silicon Valley Bank, Gary Becker, was on the board of directors of the San Francisco Fed until his bank failed. While regional Fed banks do employ teams of supervisors to oversee banks located in their districts, those teams report to the Fed’s board in Washington.This was “a feature of the system” and not a bug, she said, because it ensures that a bank in North Dakota and a bank in California are treated the same.For its part, the Fed needs to do better at identifying emerging risks, she said.
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