FRB to Review Silicon Valley Bank Failure
"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."
FRB Vice Chair for Supervision Michael S. Barr
"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."
FRB Vice Chair for Supervision Michael S. Barr
Federal Reserve Board Vice Chair for Supervision Michael S. Barr will lead a review of the supervision and regulation of Silicon Valley Bank following its recent failure. The review will be made public on May 1, 2023.
In the FRB announcement, Mr. Barr stated: "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."
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In a joint statement, the U.S. Treasury, the FDIC and the Federal Reserve Board announced that all depositors, both insured and uninsured, of Silicon Valley Bank and Signature Bank, would be made whole for their deposits.
