The Federal Reserve of the United States (Fed) announced this Monday that it is investigating its management and supervision of Silicon Valley Bank as a result of its debacle, and will publish a report with its conclusions on May 1.
“We must be humble, and carry out a careful and thorough analysis of how we have supervised and regulated this bank, and what we should learn from this experience.”, said the vice president of Supervision of the fedMichael Barr, in a statement.
barrel He will be in charge of leading the investigation after the SVB fiasco, which had to be intervened by the California authorities last week and whose fall has caused tension in the banking system.
“The events related to the Silicon Valley Bank demand a thorough, transparent and prompt analysis by the Federal Reserve”, added, for his part, the president of the fedJerome Powell, in brief.
On Sunday night, the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced a plan to protect deposits at Silicon Valley Bank of California and Signature Bank of New York.
The money that will be used to guarantee the deposits of these institutions will come from a guarantee fund to which the banks of the United States contribute and will not be financed with taxpayers’ money, something in which the spokeswoman for the White House, Karine Jean-Pierreduring a press conference.
Source: EFE
Source: Gestion
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