Wednesday, 29 Nov 2023

Elizabeth Warren says Fed chair failed and calls for inquiry into bank collapse

Elizabeth Warren says Fed chair failed and calls for inquiry into bank collapse


Elizabeth Warren says Fed chair failed and calls for inquiry into bank collapse

Political fall-out in the US from the collapse of Silicon Valley Bank continued on Sunday when leftwing Senator Elizabeth Warren hit the morning talk shows and repeatedly called for an independent investigation into US bank failures and strongly criticised Federal Reserve finance officials.

The progressive Democrat from Massachusetts, who has positioned herself as a consumer protection advocate and trenchant critic of the US banking system, told CBS's Face the Nation that she did not have faith in San Francisco Federal Reserve president Mary Daly or Fed chairman Jerome Powell.

"We need accountability for our regulators who clearly fell down on the job," Warren said, adding that it "starts with" Federal Reserve Chairman Jerome Powell, who she said "was a dangerous man to have in this position".

"Remember the Federal Reserve Bank and Jerome Powell are ultimately responsible for the oversight and supervision of these banks. And they have made clear that they think their job is to lighten regulations on these banks. We've now seen the consequences," Warren added.

Asked if she had "faith" in Daly, under whose jurisdiction SVB fell, Warren said flatly: "No, I do not."

In the wake of the collapse of Silicon Valley and Signature banks, the one-time presidential candidate has in recent days launched a broad offensive on politicians on both the left and the right who supported Trump-era deregulation of smaller US banks.

Warren sent a letter to the inspectors general of the US treasury department, the Federal Deposit Insurance Corp (FDIC) and the Federal Reserve, urging regulators to examine the recent management and oversight of the banks which collapsed earlier this month.

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