Thank you to Columbia University and the organizers for the opportunity to speak today.1 It has been nearly a year since the sudden failure of Silicon Valley Bank (SVB) and ensuing turmoil in the banking system, events which prompted important questions about how banks manage risks and how we at the Federal Reserve supervise that risk-taking. It is a fitting time to share some reflections on the importance of the day-to-day work of bank supervision and the steps we are taking to improve the speed, force, and agility of supervision. Let me begin by summarizing my review of the failure of Silicon Valley Bank. This was ... (full story)