'Fed Chair Powell’s actions to allow big banks ... to boost their profits by loading up on risk directly contributed to these bank failures,' Warren said.
Influential Democratic Sen. Elizabeth Warren of Massachusetts has called on Fed Chair Jerome Powell to recuse himself from the central bank’s investigation into last week’s failure of Silicon Valley Bank.
“Fed Chair Powell’s actions to allow big banks like Silicon Valley Bank SIVB to boost their profits by loading up on risk directly contributed to these bank failures,” Warren said in a statement Tuesday. “For the Fed’s inquiry to have credibility, Powell must publicly and immediately recuse himself from this internal review. It’s appropriate for [Federal Reserve] Vice Chair for Supervision [Michael] Barr to have the independence necessary to do his job.
The failure of the bank has damaged the Fed’s reputation as a competent regulator in the eyes of some experts, although Warren lays some blame at the feet of a 2018 law signed by President Donald Trump and aimed at easing oversight of midsize banks like SVB.Warren is also seeking answers from former Silicon Valley Bank CEO Greg Becker about his support of the 2018 law.
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