U.S. Federal Reserve to conduct review of oversight of Silicon Valley Bank

Silicon Valley Bank location in San Francisco

WASHINGTON (Reuters) – The U.S. Federal Reserve announced Monday it would be conducting a review of the supervision and regulation of Silicon Valley Bank, which failed on Friday.

Fed Chairman Jerome Powell said in a statement the bank’s failure demanded a “thorough, transparent, and swift review.” Fed Vice Chairman for Supervision Michael Barr is leading the review, and results will be publicly released by May 1.

(Reporting by Pete Schroeder)