'Fed Chair Powell's actions directly contributed to these bank failures,' said SenWarren.
"For the Fed's inquiry to have credibility, Powell must recuse himself from this internal review," Warren added."It's appropriate for Vice Chair for Supervision Barr to have the independence necessary to do his job.
"The Fed must immediately ask the Department of Justice IG Michael Horowitz who is the chair of the Council of the Inspector Generals on Integrity and Efficiency to appoint either himself or another independent IG to conduct a thorough investigation," Better Markets president Dennis Kelleher said in aMonday, arguing that Fed IG Mark Bialek can't do a credible job because he serves at the pleasure of Powell.
Kelleher likened the Fed's oversight performance to"a bank guard asleep on the job with headphones on during a robbery," pointing to"Whether the bailouts to prevent contagion and more damage from the collapse of Silicon Valley Bank are successful or not, the Biden administration must hold those who caused SVB's failure or otherwise contributed to or enabled it or whose job was to prevent it accountable," said Kelleher.
"Second," he added,"the Federal Reserve must be investigated and held accountable for its failure to properly regulate and supervise the bank. While the impact of the Fed's interest rate policies was a key driver of the failure (discussed in detail
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Elizabeth Warren calls on Fed Chief Powell to recuse himself from Silicon Valley Bank investigation'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.
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The new headache weighing on the Fed's Jerome PowellThe collapse of Silicon Valley Bank and two other lenders have sparked fears about broader financial instability in the U.S. and abroad. That could upend the Fed’s efforts to curb inflation by raising interest rates at the fastest pace in four decades.
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Lawmakers grilled Fed chair about plan to raise bank capital rules just before SVB collapseDays before the collapse of Silicon Valley Bank, Federal Reserve Chairman Jerome H. Powell took heat from lawmakers in both parties worried about the central bank’s possible plan to raise capital requirements for banks.
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Silicon Valley Bank: Fed says Vice Chair for Supervision to review what led to collapseThe Federal Reserve Board says Vice Chair for Supervision Michael S. Barr will lead a review of the supervision and regulation of Silicon Valley Bank.
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Fed funds furtures are repricing the Fed significantlyFed funds futures have rallied that shows that traders see a 33% chance that the Federal Reserve holds rates this month while the market pricing shows
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GOP senators pushed to keep banking rules loose one week before SVB collapseJust days before the collapse of Silicon Valley Bank, 10 Republican senators wrote a letter calling for an increase in the buffer banks must hold in reserve to guard against losses, arguing banks had “weathered the real-life stress test” of the pandemic.
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