An outside review commissioned by the Federal Reserve found that Fed staff knew or should have known Silicon Valley Bank was vulnerable before its March 2023 collapse, according to Vice Chair Michelle Bowman. The bank experienced a run after disclosing $1.8 billion in securities losses, with 94% of deposits uninsured and concentrated in venture capital–backed tech companies. The findings raise questions about the Fed's prior oversight and may prompt scrutiny of former Supervision Vice Chair Michael Barr's role.