The Federal Reserve will evaluation its supervision of Silicon Valley Financial institution after it collapsed within the second-largest U.S. financial institution failure on document, the Fed introduced Monday.
Michael Barr, the Fed’s vice chair for supervision, will lead the hassle, the Fed stated in a quick assertion.
Chair Jerome Powell stated the central financial institution would conduct a “thorough, clear, and swift evaluation.”
In a press release, Barr stated: “We have to have humility, and conduct a cautious and thorough evaluation of how we supervised and controlled this agency, and what we must always be taught from this expertise.”
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