"Silicon Valley Bank Failure Blamed on Mismanagement by Top Fed Official"

The Federal Reserve's top banking regulator, Michael Barr, will tell lawmakers this week that Silicon Valley Bank was a "textbook case of mismanagement," and that inadequate risk management and internal controls contributed to the bank's failure. Regulators are set to appear before Congress to discuss whether tougher rules and oversight could have prevented the collapse. The FDIC plans to release a report on deposit insurance next month that will include "policy options for consideration" around insurance coverage levels. Democratic lawmakers have pointed to relaxed regulations as one reason why Silicon Valley Bank's troubles flew under the radar.