Fed’s Barr to Reassure Congress on ‘Sound and Resilient’ Banks
- Barr calls SVB’s collapse a ‘textbook case of mismanagement’
- Barr’s remarks prepared for congressional hearing this week
Michael Barr
Photographer: Ting Shen/BloombergThis article is for subscribers only.
A top Federal Reserve official defended regulators’ actions amid the bank turmoil and said the system is “sound and resilient.”
“We will continue to closely monitor conditions in the banking system and are prepared to use all of our tools for any size institution, as needed, to keep the system safe and sound,” said Fed Vice Chair for Supervision Michael Barr in prepared remarks for a Senate Banking committee hearing on Tuesday.