March 13, 2023 20:00 GMT
MNI BRIEF: Fed Will Review SVB Regulation And Supervision
Fed says it post mortem on Silicon Valley Bank to be released publicly by May 1.
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The Federal Reserve Board Monday announced it's launching a review of the supervision and regulation of Silicon Valley Bank after its failure over the weekend.
Fed Vice Chair for Supervision Michael Barr is leading the review, the Fed said, anticipating it will be publicly released by May 1. “The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve,” said Chair Jerome Powell in a statement.
“We 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,” said Barr.
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