Warren blames Fed's Powell for US banks' crash - Breaking The News

Warren blames Fed's Powell for US banks' crash

14 March

1 min read

EPA-EFE/PATRICK SEMANSKY / POOL

United States Democratic Senator from Massachusetts Elizabeth Warren on Tuesday accused Federal Reserve Chair Jerome Powell of being directly responsible for the crash of Silicon Valley Bank and New York-based Signature Bank, stressing that the chairman's actions triggerred the events that marked last week.

"For the Fed's inquiry to have credibility, Powell must recuse himself from this internal review. It's appropriate for Vice Chair for Supervision Barr to have the independence necessary to do his job," the senator tweeted.

On March 13, the Federal Reserve announced that Vice Chair for Supervision Michael Barr will head the review of the failed Silicon Valley Bank's regulation.

fed congress powell warren svb banking crisis

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