Former Baltimore mayor candidate Mary Miller chaired audits committee on board of failed Silicon Valley Bank

Mar 14, 2023

Mary Miller, a former Baltimore mayoral candidate who came in third place in the 2020 Democratic primary, chaired the audits committee of the board of the shuttered California lender that was taken over by federal regulators last week.

The former Obama administration Treasury Department official was appointed to the board of the now-defunct Silicon Valley Bank in 2015, according to the bank’s 2023 proxy filing. In addition to chairing the audits committee, Miller served on the board’s risk and finance committees, where she was responsible for “risk appetite, risk profile and risk culture” and financial and balance sheet strategies.

She is also one of five board members appointed by the now-shuttered bank’s new FDIC-founded parent company to a committee tasked with considering potential buyers, managing billions in debt and restructuring the remaining parts of the Silicon Valley Bank portfolio.

Miller declined to comment.

Last week, Silicon Valley Bank became the largest bank to fail since the 2008 global financial crisis, after it revealed huge financial losses tied to rising interest rates and dwindling startup funding, leading panicked depositors to withdraw their money in a bank run.

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