The Federal Reserve will assessment its supervision of Silicon Valley Bank after it collapsed within the second-largest U.S. financial institution failure on file, the Fed introduced Monday.
Michael Barr, the Fed’s vice chair for supervision, will lead the trouble, the Fed mentioned in a short assertion.
Chair Jerome Powell mentioned the central financial institution would conduct a “thorough, clear, and swift assessment.”
In an announcement, Barr mentioned: “We have to have humility, and conduct a cautious and thorough assessment of how we supervised and controlled this agency, and what we should always be taught from this expertise.”
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