Sen. Elizabeth Warren is calling for Federal Reserve Chair Jerome Powell to recuse himself from his agency’s investigation into the Silicon Valley Bank failure because his actions directly contributed to the collapse.
Federal Reserve Chair Jerome Powell arrives to a hearing with the House Committee on Financial Services on Capitol Hill on March 8, 2023, in Washington, D.C.Sen. Elizabeth Warren is calling for Federal Reserve Chair Jerome Powell to recuse himself from his agency’s investigation into the Silicon Valley Bank failure because his actions directly contributed to the collapse, she says.
Warren said that Powell — a holdover from the Trump administration that President Joe Biden renominated when he took office — should not be involved in the probe. “Fed Chair Powell’s actions to allow big banks like Silicon Valley Bank to boost their profits by loading up on risk directly contributed to these bank failures,” Warren said in“For the Fed’s inquiry to have credibility, Powell must publicly and immediately recuse himself from this internal review.
on Monday, she pinned the blame for the failure on deregulation of banks, as carried out by Congress, former President Donald Trump and the Federal Reserve. Because of the rollback of post-2008 recession Dodd-Frank regulations that could have prevented the bank collapse, she said, the public will now pay the price
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