Fed’s Bowman says bank failures not indictment of broader regulatory regime

(Reuters) – Federal Reserve Governor Michelle Bowman said on Friday that the recent failures of Silicon Valley Bank and Signature Bank were not an indictment of the bank regulatory landscape, although she conceded that some changes may be warranted.

In prepared remarks, Bowman said if the Fed identifies gaps in its bank supervision and regulation regime during its review of the failure of SVB, the central bank should address those shortcomings.

Fed Vice Chairman for Supervision Michael Barr is leading a review of the Fed’s oversight of SVB, with the results of that review expected to be publicly released by May 1.

(Reporting by Hannah Lang in Washington)