Fed Chair Powell Says On SVB, Supervisory Failures Were At The Board, Not Just At The SF Fed; There Was No Malfeasance, Breaking Of Rules By Public Servants In Supervising SVB
Portfolio Pulse from Happy Mohamed
Fed Chair Powell stated that supervisory failures regarding SVB were at the board level, not just at the SF Fed, and there was no malfeasance or rule-breaking by public servants in supervising SVB.
June 22, 2023 | 2:57 pm
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Fed Chair Powell's statement on supervisory failures regarding SVB indicates that the issue was at the board level, not just at the SF Fed, and there was no malfeasance or rule-breaking by public servants.
Fed Chair Powell's statement clarifies that the supervisory failures regarding SVB were at the board level and not just at the SF Fed. This indicates that there was no malfeasance or rule-breaking by public servants in supervising SVB. As a result, the impact on SIVBQ's stock price is expected to be neutral in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100