April 28, 2023

Senator Warren’s Statement on the Federal Reserve’s Report on Silicon Valley Bank Failure

Washington, D.C. – United States Senator Elizabeth Warren (D-Mass.) released the following statement on the Federal Reserve’s report detailing the events leading to the collapse of Silicon Valley Bank:

“This report is an unflinching assessment of SVB’s implosion, demanding the Fed immediately adopt stricter bank oversight and Congress swiftly strengthen bank regulations to prevent another crisis. The investigation clearly identifies how the 2018 legislation that weakened our bank rules and the Fed’s ‘tailoring’ in response to that legislation were major contributors to SVB’s failure. The report reveals failures at every level: by SVB's executives and board, bank supervisors, and the Federal Reserve Board itself. Those responsible for these failures must be held accountable, including Chair Powell who failed in his responsibility to supervise and regulate banks that posed a systemic risk to our economy. ”