The Federal Reserve Board on Monday said Vice Chair for Supervision Michael S. Barr will be leading a review of the supervision and regulation of Silicon Valley Bank, which collapsed last week after investors withdrew billions in only a matter of hours.
“The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve,” Chair Jerome Powell said in a statement.
President Biden nominated Barr, a former Obama and Clinton administration official, in April 2022, after the failed nomination of Sarah Bloom Raskin.
CHARLES SCHWAB HEAD FOR WORST DAY EVER, CFO DEFENDS FIRM
“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,” Barr said in a statement.
Barr’s review will be publicly released by May 1.
This is a developing story. Check back for updates.
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