The Federal Reserve has promised a probe into Silicon Valley Bank

The Federal Reserve will review its management of the Silicon Valley Bank after it collapsed in the second largest US bank failure on record, the Fed announced on Monday.

Michael Barr, the Fed’s vice chair for administration, will lead the effort, the Fed said in a brief statement.

Chair Jerome Powell said the central bank will conduct a “thorough, transparent, and rapid review.”

In a statement, Barr said: “We need to be humble, and conduct a careful and thorough review of how we have managed and regulated this company, and what we need to learn from this experience. .”

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