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U.S. Federal Reserve to conduct review of oversight of Silicon Valley Bank
2023.03.13 16:18
© Reuters. A view of a logo at the Silicon Valley Bank branch office in downtown San Francisco, California, U.S., March 13, 2023. REUTERS/Kori Suzuki
WASHINGTON (Reuters) – The U.S. Federal Reserve announced Monday it would be conducting a review of the supervision and regulation of Silicon Valley Bank, which failed on Friday.
Fed Chairman Jerome Powell said in a statement the bank’s failure demanded a “thorough, transparent, and swift review.” Fed Vice Chairman for Supervision Michael Barr is leading the review, and results will be publicly released by May 1.
