The secretive world of Federal Reserve bank supervision has been laid bare by the collapse of Silicon Valley Bank and critics say it needs an overhaul to make it more nimble, transparent and decisive.
In a hearing this week, the Fed Vice Chair for Supervision Michael Barr told lawmakers that supervisors had repeatedly identified risks to the failed bank beginning in 2021, and even took steps to restrict growth in 2022 because they went unaddressed.
SVB hit a wall earlier this month, collapsing in less than 48 hours, unleashing fears of contagion. That has resulted in accusations by lawmakers that the Fed has not escalated the problem fast enough and is questioning whether the whole process needs to be more transparent.
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