The chairman of the federalreserve said they scrambled to figure out what went wrong at SVB on the weekend after it fell.
just after the Federal Open Market Committee meeting on March 22, Powell said he immediately knew there was a need for an internal investigation when the bank shut down on March 10, stating:
“I realized right away that there was going to be a need for a review. I mean the question we were all asking ourselves over that first weekend was 'how did this happen?'”on March 13, which is being led by Vice Chairman Michael Barr to look into the events surrounding the failure of SVB and how it “supervised and regulated" the firm.“We’re doing the review of supervision and regulation,” Powell said. “My only interest is that we identify what went wrong here,” he added.
Federal Reserve Chairman Jerome Powell speaking at a Federal Open Market Committee conference on March 22. Source:
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