by AFP, AP, Reuters at DW
The US Federal Reserve on Friday called for greater banking oversight as it released a detailed report into last month’s collapse of Silicon Valley Bank (SVB).
SVB was the go-to bank for venture capital firms and technology start-ups for years but failed spectacularly on March 10.
The collapse sparked a crisis of confidence in the banking industry, leading to the failure of New York-based Signature Bank and the merger of Credit Suisse with rival UBS.
Before the failures, regulators had focused mostly on the very biggest US banks that were seen as critical to financial stability, but the vulnerability of the entire banking system to smaller bank failures has forced a rethink.
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