- Senator Elizabeth Warren blames Federal Reserve Chair Jerome Powell for failures leading to the collapse of Silicon Valley Bank and Signature Bank.
- Warren asks Powell to respond to 11 questions related to the central bank’s oversight by March 29.
- Warren also asks Powell to recuse himself from an internal investigation the Fed is conducting into its regulation and supervision of SVB.
- SVB’s failure on Friday, followed by Signature Bank’s shuttering over the weekend, set off a global market rout amid fears of broader financial-market contagion.
- Warren criticized Powell for leading efforts to weaken or eliminate guardrails that would have applied to SVB.
Elizabeth Warren Slams Powell for Weak Regulation, Oversight of SVB
Senator Elizabeth Warren blasted Federal Reserve Chair Jerome Powell for “an astonishing list of failures” that contributed to the collapse of Silicon Valley Bank and Signature Bank in a letter to the Fed chief Wednesday.
Catarina Saraiva
