Washington | The US Federal Reserve’s vice chairman for supervision blamed Silicon Valley Bank’s demise on poor internal management and excessive risk-taking and detailed the steps Fed supervisors took to address the snowballing problems that killed the company, according to prepared remarks before a congressional hearing on Tuesday (Wednesday AEDT).

Vice chairman Michael Barr will appear at a Senate banking committee hearing along with other regulators, also acknowledged in his written testimony that bank supervision and regulation might need to change after the collapse.