Federal Reserve promises a ‘careful and thorough’ review of how it supervised failed Silicon Valley Bank: ‘We need to have humility’

Silicon Valley Bank just before its failure.
David Paul Morris/Bloomberg via Getty Images

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 Fed’s 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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