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Tuesday, March 14, 2023

Yesterday the Fed Board held a closed meeting. Notice was posted March 10, 2023, on the fed web site.

 Online notice: https://www.federalreserve.gov/aboutthefed/boardmeetings/20230313closed.htm

Part of the notice:

Government in the Sunshine Meeting Notice

Advanced Notice of a Meeting under Expedited Procedures

It is anticipated that the closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, March 13, 2023, will be held under expedited procedures, as set forth in section 261b.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board’s offices at 20th and C Streets, N.W., Washington, D.C. and by audio/video conference call. The following items of official Board business are tentatively scheduled to be considered at that meeting.

Meeting Date: Monday, March 13, 2023

 Matter(s) to be Considered:

1.
Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.

A final announcement of matters considered under expedited procedures will be available in the Board's Freedom of Information and Public Affairs Offices and on the Board's Web site following the closed meeting.

For more information please contact: Michelle Smith, Director, Assistant to the Board, Division of Board Members at 202-452-2955.

Supplementary Information: [...]

The last and latest press release the Fed published stated: 

March 13, 2023

Federal Reserve Board announces that Vice Chair for Supervision Michael S. Barr is leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure

For release at 4:00 p.m. EDT

The Federal Reserve Board on Monday announced that Vice Chair for Supervision Michael S. Barr is leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The review will be publicly released by May 1.

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

"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 Vice Chair Barr.

For media inquiries, please email [email protected] or call 202-452-2955.

Last Update: March 13, 2023

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websearch =  silicon valley bank state-regulated federal-regulated [past week]

That search returned some interesting links, so readers are urged to check it out.

(The bank was state chartered and the state seized it.)

Among the past week's media coverage, per that search:

Guardian

AP

WaPo 

NYTimes

https://www.washingtonexaminer.com/news/white-house/biden-silicon-valley-oversight-regulation 

YouTube, from 1987.