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Rf111a Form

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thank you Vice chairman Barr the independent GAO report concluded that the Federal Reserve identified risks and took supervisory actions but did not adequately escalate actions prior to svb's failure do you agree with that conclusion yes that's the same conclusion we reached in our own report yeah you did and I appreciate that and I've got your report here and on page eight of that report uh you pointed out that svb moved from the rbo portfolio Regional Bank portfolio to the large Bank portfolio in February of 2021 approximately two years before Silicon Valley Bank failed you also noted on the same page of your report that the FED board provided the Federal Reserve of San Francisco team the supervisors here a waiver to delay the initial set of ratings under the large financial institution rating system by six months to August 2022. I think the reason why both reports are concluded are concluding that the FED failed to adequately escalate is because the FED itself is delaying implementa

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