BUSINESS

Federal Reserve Says It Failed To Take Forceful Action On SVB

The US central bank has said it failed to act with sufficient force and urgency in its oversight of Silicon Valley Bank, which collapsed last month in the country’s biggest bank failure since 2008.

The conclusion is one of the main findings from the Federal Reserve’s investigation of the episode.

The panic it sparked has raised wider concerns about the banking industry.

The report comes as another US lender, First Republic, remains in trouble.

US regulators are reported to be working on a rescue for the struggling firm, which was the 14th largest bank in the US at the end of last year.

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Edited by Jesus Chan

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