Senator demands investigation and staff termination over Silicon Valley Bank failure.

Senator Tim Scott has called for firings at the Federal Reserve over the central bank's failure to regulate Silicon Valley Bank in the run-up to its collapse. The demand came during Senate testimony from Michael Barr, the Fed's vice chair for supervision, who faced scrutiny from members of both major parties over his admitted failure to lead proper oversight of Silicon Valley Bank. The collapse in March of Silicon Valley Bank, the nation's 16th largest bank, set off a financial panic that led to the failure two days later of another major lender, Signature Bank.