The Federal Reserve, Government Accountability Office, and the Federal Deposit Insurance Corporation all released reports on the recent bank failures. The Fed’s report reviewed their supervisory and regulations of Silicon Valley Bank which 
failed in early March. The report examined the factors that contributed to the failure and the role that the Fed played as the primary federal supervisor for the bank. The report cited the lack of risk management by the bank’s board of directors and management as well as the supervisors not fully appreciating the extent of the vulnerabilities of the bank as it grew in size and complexity. It recognized that supervisors did not take sufficient steps to ensure the bank fixed vulnerabilities identified by supervisors. The report further cited statutory changes made in 2019 by Congress with the Economic Growth, Regulatory Relief, and Consumer Protection Act as a contributor to promoting a less assertive supervisory approach.
The GAO’s report reviewed agency actions related to the recent failures including the Fed and the FDIC.
