later closed door meeting The Fed released a statement this morning. release Led by Michael S. Barr, Vice President of Oversight, and Results will be announced before 1 May.
“Comprehensive, transparent and fast”
“The events around Silicon Valley Bank request a comprehensive, transparent and rapid review by the Federal Reserve,” Fed Chairman Jerome H. Powell said in a statement.
Barr added what they needed in the text message. “Be humble“in this process. We must do a careful and thorough scrutiny of how we audit and regulate this company,” Barr said. to learn from experience.
In the busy weekend since the bank’s bankruptcy, US officials and regulators have intervened to prevent a general crisis spreading across the industry. In addition to guarantee all SVB depositsUS Treasury and Fed new lending mechanism establishing a line of credit for US banks that need capital to respond to customers’ withdrawal requests.
On the same Monday, US President Joe Biden reassured that despite these interventions it was not a bailout, and sent a message trying to calm citizens, confirming that “bank systems are safe”.