Independent review of Silicon Valley Bank failure to be conducted

The Federal Reserve has hired a third party to conduct an independent review of the Silicon Valley Bank failure, Fed Vice Chair for Supervision Michelle Bowman said during a news interview with the Fox Business Network.

The Fed previously conducted its own review of the bank failure in 2023. That review placed much of the blame for the bank’s failure on bank management, but it also faulted the Fed supervisors for failing to identify issues quickly enough and for being too slow to act when they did find problems.