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© Bloomberg. Jerome Powell, chairman of the US Federal Reserve, during a House Financial Services Committee hearing in Washington, DC, US, on Wednesday, March 8, 2023. Powell reiterated the central bank might accelerate the pace of hikes and raise rates to a higher peak than previously expected amid signs of a stronger economy, while stressing that no decision has been made on the pace of Federal Reserve tightening.
(Bloomberg) -- The Federal Reserve said Monday it is launching an internal review of its supervision and regulation of Silicon Valley Bank after its failure last week.
The review, which will be led by Vice Chair for Supervision Michael Barr, will be publicly released by May 1, the Fed said. The collapse of the lender, which was overseen by the San Francisco Fed, was the biggest bank failure in more than a decade.
“The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve,” Fed Chair Jerome Powell said in a statement.
Barr in the statement said regulators “need to have humility, and conduct a careful and thorough review of how we supervised and regulated this firm, and what we should learn from this experience.”
©2023 Bloomberg L.P.
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