Washington (EFE).- The United States Federal Reserve (Fed) announced 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,” Fed Vice President for Supervision Michael Barr said in a statement.
Barr will be in charge of leading the investigation after the SVB fiasco, he 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 require a thorough, transparent and prompt analysis by the Federal Reserve,” added, for his part, the president of the Fed, Jerome Powell, in the letter.
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 US banks contribute and will not be financed with taxpayer money, something the spokeswoman placed special emphasis on Monday of the White House, Karine Jean-Pierre, during a press conference.
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