Responsibility for the Federal Reserve’s oversight of large financial institutions rests with staff in Washington and not with any regional Fed bank chief, former chair of the San Francisco Fed bank said
rests with staff in Washington and not with any regional Fed bank chief, a former chair of the San Francisco Fed bank said on Friday.
SVB’s sudden demise two weeks ago is under intense scrutiny, and Democratic U.S. Senator Elizabeth Warren said she does not have faith in Daly after the collapse. Fed Chair Jerome Powell said this week he wants to identify “what went wrong here.” Bank examiners at San Francisco Fed had flagged escalating problems at the Santa Clara-based bank suggesting issues with its ability to meet short-term cash needs like depositor withdrawals.
That was soon followed by closure of Signature Bank and emergency action by the Fed and the Treasury to shore up confidence in the banking sector. The fallout has continued, with UBS buying rival Credit Suisse, big U.S. banks staging a rescue of smaller First Republic, and banking shares under continued pressure.
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