Monday’s Federal Reserve Board decision said that Michael S. Barr, Vice Chair for Supervision, will lead a review of supervision and regulation of the Silicon Valley Bank. The bank collapsed last week following investors withdrawing billions in a matter of hours.
Chair Jerome Powell stated in a statement that “the events surrounding Silicon Valley Bank require a thorough and transparent review by the Federal Reserve.”
After the failure to nominate Sarah Bloom Raskin, President Biden appointed Barr as his nominee.
Barr stated that “we need to be humble and conduct a thorough and careful review of how we supervised this firm and what lessons we can learn from it.”
Barr’s review will go public on May 1.