The Federal Reserve has appointed Vice Chair for Supervision Michael Barr to look at how Silicon Valley Bank managed to fail under its watch.
The Federal Reserve is investigating the factors that led to the failure of Silicon Valley Bank — including how it supervised and regulated the now-collapsed financial institution.that Vice Chair for Supervision Michael Barr is “leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure,” with a review set for public release by May. 1.
"The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve," Chair Jerome Powell stated as part of the announcement.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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Silicon Valley Bank's UK branch shut down by Bank of EnglandThe Bank of England (BoE) released a statement on Mar. 10 stating that it will be applying to the court to place Silicon Valley Bank UK branch (SVB UK) into a “Bank Insolvency Procedure.' It added that in the interim, the firm will 'stop making payments and deposits.'
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‘Nip the bank in the bud’: Calls to rescue collapsed Silicon Valley Bank galoreTech celebrities and pundits have urged the U.S. federal government to pressure other banks to take over the defunct Silicon Valley Bank (SVB) in order to protect uninsured deposits.
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Bank of London bids to acquire Silicon Valley Bank's UK armThe Bank of London is leading a consortium of private equity firms seeking to purchase SVB's arm in the United Kingdom.
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