March 14, 2023

NEW: Senator Warren Calls on Chair Powell to Recuse Himself from Fed Review of Silicon Valley Bank Failure

Washington, D.C. – United States Senator Elizabeth Warren (D-Mass.) released the following statement following the Federal Reserve’s announcement that it will launch an internal review of its supervision and regulation of Silicon Valley Bank after the bank’s failure last week. 

“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,” said Senator Warren. “For the Fed’s inquiry to have credibility, Powell must publicly and immediately recuse himself from this internal review. It’s appropriate for Vice Chair for Supervision Barr to have the independence necessary to do his job.”