Michael S. Barr: “Yes. I have been consistent in saying both that the system is strong and that we also need to think about stronger…”

The bank did respond to regulator citations but those responses were insufficient.

The report that we released suggests that both the Board in Washington and the San Francisco Fed did not hold up the bank with enough pressure.

The failure of SVB illustrates the need to move forward with our work to improve the resilience of the banking system.

SVB failed because of a textbook case of mismanagement by the bank and that Federal Reserve supervisors failed to take forceful enough action.