The Fed says it will investigate its oversight of Silicon Valley Bank following the biggest bank failure since 2008

• The Fed will investigate its oversight of Silicon Valley Bank, Chairman Jerome Powell said Monday.
• "The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve."
• SVB became the biggest bank failure since 2008 after regulators closed it Friday.  

The Federal Reserve announced Monday that it will launch an investigation into its own supervision of Silicon Valley Bank, which collapsed on Friday.

Vice Chair for Supervision Michael Barr will lead the probe, the central bank said in a statement.

"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," said Barr.