Banking Turmoil Sparks Scrutiny and Political Risks for Biden Administration.

Policymakers in Washington are facing scrutiny over the collapse of Silicon Valley Bank, with questions being raised about the role of the Federal Reserve, its regional bank in San Francisco, the state of California, and lawmakers on Capitol Hill. Some experts and lawmakers have pointed to a lack of rigorous oversight and the potential impact of past deregulation efforts. The Fed has announced an internal investigation, but some are calling for an independent review. The collapse of SVB triggered a frenetic 72 hours in government and throughout Silicon Valley, as the Biden administration raced to shore up the country’s financial system.