Fed Opens Probe of SVB Oversight Amid Criticism After Collapse
- Biden team also scrutinizing supervision by California, SF Fed
- Lawmaker questions San Francisco Fed’s oversight role
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The Federal Reserve is launching an internal probe of its supervision of Silicon Valley Bank after its collapse sparked sharp criticism of the central bank’s oversight.
Vice Chair for Supervision Michael Barr will lead the review, due for public release by May 1, the Fed said Monday. The collapse of the lender, which was overseen by the Federal Reserve Bank of San Francisco, was the biggest bank failure in more than a decade.