Silicon Valley Bank failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse.
SVB operated in Daly's district before the regional bank's stunningly rapid failure in March, but she noted she doesn't have a supervising role. Instead, she said, other officials waited too long into take decisive regulatory action.
But for months, some politicians have tried to identify the specific person or group to blame for the failures, most notably Democratic Sen. Elizabeth Warren. "My job is to support the supervision that the vice chair of supervision has set out, so how do I do that? How do all regional Fed presidents do that? We staff the bank with people who can do the job and do the job well. We ensure that they are being the best in public service, doing what's required of them as supervisors," she said.
Daly's remarks shed light on her view of the Fed's ongoing fight against inflation, including more hikes. But she said the Fed's decisions are now harder because of the twin risks of raising rates too much, which could throw the economy into a recession, and not doing enough, which could keep inflation above the central bank's 2% target for longer."Yes, it's coming down," Daly said of inflation."But it's still not 2%. It's not our target.
The worry was specifically about uncertainty over how bank stresses might be affecting access to credit, according to the minutes from that meeting.
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