The Federal Reserve will review its supervision of Silicon Valley Bank after it collapsed in the second-largest U.S. bank failure on record, the Fed announced Monday.
Michael Barr, the Feds vice chair for supervision, will lead the effort, the Fed said in a brief statement.
Chair Jerome Powell said the central bank would conduct a thorough, transparent, and swift review.
In a statement, Barr said: 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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