On Friday, the Federal Reserve is set to release the findings of its investigation into what caused Silicon Valley Bank to collapse last month
Randal Quarles, former vice chair of supervision at the Fed, told CNN in an exclusive interview that he doesn’t expect the report to uncover any smoking guns. The bank’s failure, the second-biggest in US history, sent ripples throughout the global banking system. Regional banks are still reeling from the crisis after depositors fled to the nation’s largest banks.
Quarles, who led the Fed’s banking supervision arm from 2017 to 2021 and co-founded The Cynosure Group, a private equity firm, said the report will likely hint at or formally propose more restrictive banking regulation without outlining specifics. In particular, he thinks there will be a lot of discussion around rolling back rules that allowed banks the size of SVB to skirt certain capital and liquidity requirements they had been subjected to before 2019.
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