Bowman, Initial Findings from Independent Review of Silicon Valley Bank

At the Luncheon of the Lord Mayor City of London at Mansion House, London, United Kingdom Today I am announcing the initial findings of the independent review of the failure of Silicon Valley Bank (SVB). 1 In June 2023, I called for an independent review of SVB's failure to supplement the internal review. After I was confirmed as Vice Chair for Supervision, I engaged the Starling Advisory Group to conduct an independent review. Their report marks a pivotal moment not just in our understanding of what went wrong at SVB, but in our understanding of what went wrong within the Federal Reserve's supervisory process. SVB's collapse in March 2023 was not just the failure of a single institution.