Sen. Elizabeth Warren is intensifying her scrutiny of federal financial regulators after the second-and third-largest bank failures in U.S. history.
Sen. Elizabeth Warren speaks during a hearing on Capitol Hill in Washington, D.C., on March 16, 2023.Sen. Elizabeth Warren is intensifying her scrutiny of federal financial regulators in the wake of the second- and third-largest bank failures in U.S. history, calling for an independent investigation into agencies that she says contributed to the collapses and saying that Federal Reserve Chair Jerome Powell especially deserves blame.
“Congress and President Trump weakened the Dodd-Frank Wall Street Reform and Consumer Protection Act and allowed banks like SVB and Signature to evade key rules and regulations,” Warren wrote in letters to the officials. “The Federal Reserve under Chair Powell initiated key regulatory rollbacks. And the banks’ supervisors — particularly the Federal Reserve Bank of San Francisco, which oversaw SVB — missed or ignored key signals about their impending failure.
“These regulatory rollbacks created an environment in which failure was inevitable,” she continued. She says that an investigation is crucial for Congress to understand the weak areas to target in legislation to prevent future collapses, andabout the bank collapses on Sunday, Warren dug into Powell, saying that he “has failed” at his job as Fed chair.
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