Bowman Addresses Silicon Valley Bank and Signature Bank Failures
On Friday, Federal Reserve Governor Michelle Bowman stated that the recent failures of Silicon Valley Bank and Signature Bank (OTC: SBNY) do not necessarily reflect a broader issue with the current bank regulatory landscape. However, she did acknowledge that some modifications might be necessary.
Fed's Response to Potential Gaps in Bank Supervision
In her prepared remarks, Bowman emphasized that if the Federal Reserve identifies gaps in its bank supervision and regulation regime during its review of Silicon Valley Bank's failure, the central bank should address those shortcomings.
Fed Vice Chairman Barr Leads SVB Oversight Review
Michael Barr, the Fed Vice Chairman for Supervision, is heading a review of the Federal Reserve's oversight of Silicon Valley Bank. The results of this review are expected to be made public by May 1.