House Panel Probing San Francisco Fed Fumble In SVB Collapse

The US House’s top government watchdog committee has launched an investigation into the role the Federal Reserve Bank of San Francisco and other state and federal regulators played in the March failure of Silicon Valley Bank.

Armed with subpoena power, the GOP-led Committee on Oversight and Accountability disclosed its probe in a letter Thursday from the panel’s Republican chairman James Comer to San Francisco Fed President and CEO Mary Daly.

Mary Daly, president of the Federal Reserve Bank of San Francisco

Photographer: David Paul Morris/Bloomberg

“SF Fed appears to have failed to adequately supervise SVB and respond to the bank’s mismanagement, ultimately leading to SVB’s seizure by federal regulators — the second ...