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U.S. Fed’s Supervision Chief Investigating What Happened With Silicon Valley Bank
The Federal Reserve’s vice chairman for supervision, Michael Barr, is digging into the bank failure, the U.S. central bank announced.
Michael Barr, the vice chairman responsible for bank supervision and regulation at the U.S. Federal Reserve, is examining how the regulated Silicon Valley Bank met with its rapid collapse last week.
"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," Barr said in a Monday statement with the Fed’s announcement of the probe.
STORY CONTINUES BELOW
The outcome of the six-week examination – what Fed Chair Jerome Powell called a “thorough, transparent and swift review” – will be made public by May 1, according to the Fed.
Barr, a former Treasury Department official who briefly became an adviser for Ripple before returning to a government role in the Biden administration, didn’t mention Silvergate Bank in the statement, though that smaller institution was also supervised by the Fed.
Earlier on Monday, U.S. President Joe Biden said he would call on Congress and federal regulators to strengthen the rules around banking.
Read more: Silicon Valley Bank Depositors Will Have Access to 'All' Funds Monday, Say Federal Regulators
Jesse Hamilton
Jesse Hamilton is CoinDesk's deputy managing editor on the Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he worked for more than a decade covering Wall Street regulation at Bloomberg News and Businessweek, writing about the early whisperings among federal agencies trying to decide what to do about crypto. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. He has no crypto holdings.
