The Federal Reserve Board on Monday said Vice Chair for Supervision Michael S. Barr will be leading a review of the supervision and regulation of Silicon Valley Bank, which collapsed last week after investors withdrew billions in only a matter of hours. 

"The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve," Chair Jerome Powell said in a statement. 

President Biden nominated Barr, a former Obama and Clinton administration official, in April 2022, after the failed nomination of Sarah Bloom Raskin. 

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"We need to have humility, and conduct a careful and thorough review of how we supervised and regulated this firm, and what we should learn from this experience," Barr said in a statement. 

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Barr’s review will be publicly released by May 1. 

This is a developing story. Check back for updates.