Silicon Valley Bank Collapse Sparks Calls for Banking Industry Reform.

Federal Reserve Board Vice Chair for Supervision Michael Barr told Congress that the failure of Silicon Valley Bank was due to the failure of bank management, supervisors, and the regulatory system. Regulators are expected to produce reports on the failure of Silicon Valley Bank by May 1. The bank's collapse set off a broader loss of investor confidence in the banking sector that pummeled stocks and stoked fears of a full-blown financial crisis. Both political parties pressed regulators on why they did not act more forcefully, given Fed supervisors had been raising issues with the bank for months.