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.
A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, Calif., Mar. 10, 2023. (Reuters/Nathan Frandino / Reuters Photos)
President Biden nominated Barr, a former Obama and Clinton administration official, in April 2022, after the failed nomination of Sarah Bloom Raskin.
"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.