Regulators Testify Before Congress About SVB Collapse

•Federal Reserve's Michael Barr testified before the Senate Banking Committee on Tuesday and stated that the collapse of Silicon Valley Bank was a textbook case of bank mismanagement

•SVB tripled in size over the last three years, and financial controls failed to keep pace

•Bank didn't take quick and decisive action when raising interest rates lowered the value of its government bonds

•Federal regulators warned bank managers about the potential risk as early as October twenty twenty-one