Take out AI and the state of the tech economy is not so great.

From American public media, this is Marketplace Tech. I'm Lelie Dramale. More than a quarter million people working in the tech industry were laid off last year.

And some CEOs have pretty pointedly laid at least some of the blame on higher interest rates.

To beat back inflation these last two or so years, interest rates

rates. To beat back inflation these last two or so years, Fed policy makers have hiked rates at the

fastest pace in modern history. And when rates rise, borrowing money

gets more expensive.

I sat down with San Francisco Fed President Mary Daly

at a conference in Portland, Oregon

and asked her how she thinks the tech industry

is braving this higher interest rate world.

But first, it's been almost one year since the fall of Silicon Valley Bank.

S. V.B. operated in Daly's district, which spans nine Western states.

The San Francisco Fed came under scrutiny after S. V.

's failure.

Daley has said in the past, she herself didn't have a supervisory role. There is a vice chair for

supervision for the whole Federal Reserve system. I asked her about the role her

regional bank played in monitoring CVB leading up to its collapse.

When you go back to think about how did that happen,

then naturally people ask, well, what were the,

who was participating in, in monitoring Silicon Valley Bank.

And the important thing that was really missed,

...