Democratic U.S. Senator Elizabeth Warren on Tuesday called on Federal Reserve Chair Jerome Powell to recuse himself from an internal review of recent bank failures, saying his actions 'directly contributed' to them.
"It’s appropriate for Vice Chair for Supervision Barr to have the independence necessary to do his job," said Warren, a Democrat, who has been aA Fed representative declined to comment. Becker could not be immediately reached for comment.
In her letter to Becker, Warren demanded details on the bank's lobbying for the law that eased rules for all but the nation's largest banks, noting that he submitted a statement to Congress arguing his firm should receive less regulatory scrutiny since it did not pose a risk to the financial system and had comprehensive internal risk tools.
On Sunday, regulators announced that all depositors, not just insured funds, at the bank would be protected, invoking a "systemic risk exception" to do so. The bank's collapse set off broader turmoil in the banking system, with regulatorsThat law raised the threshold at which banks would be considered "systemically important" and subject to stricter oversight from $50 billion to $250 billion. Silicon Valley Bank had $209 billion in assets at the end of last year.
"You have nobody to blame for the failure at your bank but yourself and your fellow executives. You lobbied for weaker rules, got what you wanted, and used this opportunity to abdicate your basic responsibilities to your clients and the public – facilitating a near-economic disaster," she wrote.Our Standards:
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