An independent review faulted Federal Reserve staff for failing to act on known vulnerabilities at Silicon Valley Bank before its 2023 collapse, the second-largest banking failure in U.S. history. Fed banking regulator Michelle Bowman attributed the supervisory inaction to a culture of risk aversion and unclear decision-making processes, despite staff knowing about mounting problems as early as March 2022. The report dismissed social media as a factor in accelerating the bank run.