Press Releases

March 21, 2023

After Bank Failures, Warren, Wyden Renew Call for Accounting Regulator PCAOB to Stop Sham Audits of Crypto Firms

Washington, D.C. - U.S. Senators Elizabeth Warren (D-Mass.), a member of the Senate Finance and Banking Committees, and Ron Wyden (D-Ore.), Chair of the Senate Finance Committee, sent a letter to the Public Company Accounting Oversight Board (PCAOB), calling on the regulator to take action to stop sham audits of crypto firms. The senators’ letter comes after their January 2023 letter to PCAOB, seeking answers from the regulator about its intention to rein in sham audits of crypto firms. … Continue Reading


March 21, 2023

Warren, Van Hollen, Sanders, Whitehouse Urge Treasury to Crack Down on Ultra-Wealthy Abuse of Trusts to Dodge Taxes

Washington, D.C. - U.S. Senators Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Bernie Sanders (I-Vt.), and Sheldon Whitehouse (D-R.I.) sent a letter to Treasury Secretary Janet Yellen, urging her to use the full extent of the Treasury Department’s regulatory authority to crack down on the ultra-wealthy’s use of trusts to dodge paying their fair share in taxes. “Billionaires and multi-millionaires use trusts to shift wealth to their heirs tax-free, dodging federal estate and gift … Continue Reading


March 19, 2023

Warren Calls for Inspectors General at Treasury, FDIC, Fed to Conduct Independent Investigation of Bank Collapses and Regulatory Failures, Report to Congress Within 30 Days

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.) wrote the Inspectors General at the Department of Treasury, the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve, urging them to immediately open a thorough, independent investigation of the causes of the bank management and regulatory and supervisory problems that resulted in this month’s failure of Silicon Valley Bank (SVB) and Signature Bank (Signature), and deliver preliminary … Continue Reading


March 17, 2023

Senators Warren and Brown Call on Sodexo, NY Fed to Guarantee Workers a Fair Contract, Livable Wage

Washington, D.C. — U.S. Senators Elizabeth Warren (D-Mass.) and Sherrod Brown (D-Ohio) sent a letter to Federal Reserve Bank of New York President John C. Williams and Sodexo Group CEO Sophie Bellon to express support for the food service workers of UNITE HERE Local 100 as they begin contract negotiations today.Workers who perform critical food service work in the Federal Reserve Bank of New York (NY Fed) facility have been striving to negotiate a new contract with their employer Sodexo … Continue Reading


March 17, 2023

ICYMI: At Hearing, Warren Highlights Significance of Cape Cod Bridges Funding

Washington, D.C. - At a hearing of the Senate Banking, Housing and Urban Affairs Committee, United States Senator Elizabeth Warren (D-Mass.) highlighted her push to secure funding for the Cape Cod Canal Bridges Project. Her exchange follows the announcement of the President’s Budget which includes $350 million, toward a commitment of $600 million, for the project to replace the aging Bourne and Sagamore Bridges on Cape Cod.During the hearing, Senator Warren exchanged questions with the … Continue Reading


March 16, 2023

ICYMI: At Hearing, Warren Questions Navy Acquisition Nominee on Reining in Unnecessary Spending

Washington D.C. - In case you missed it, at a hearing of the Senate Armed Services Committee, U.S. Senator Elizabeth Warren (D-Mass.) questioned Nickolas H. Guertin, nominee to be Assistant Secretary of the Navy for Research, Development, and Acquisition about how the Department of Defense (DoD) could reform progress payments to prevent price gouging and get programs on schedule. In response to Senator Warren’s questions, Mr. Geurtin committed to evaluating a reform proposal that would … Continue Reading


March 16, 2023

Warren, Menendez Lead Effort Urging Treasury, DOJ to Issue Guidance to Financial Institutions for Implementation of MCC Code for Gun and Ammunition Retailers

Washington, D.C. - U.S. Senators Elizabeth Warren (D-Mass.) and Bob Menendez (D-N.J.) sent a letter to the U.S. Department of the Treasury and the U.S. Department of Justice (DOJ), urging the departments to issue guidance to financial institutions for the full implementation of the new merchant category (MCC) code that the International Organization for Standardization (ISO) approved last year for gun and ammunition stores. The swift application of the MCC code would equip financial … Continue Reading


March 16, 2023

Senator Warren Asks DoD for Action to Reduce Servicemember Medical Debt

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.), Chair of the Senate Armed Services Committee Subcommittee on Personnel, sent a letter to Department of Defense (DoD) Secretary Lloyd Austin, requesting information from DoD about its efforts to implement recommendations from the Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs’ Annual Report to address servicemember medical debt.Inaccurate medical bills or debt can affect military readiness … Continue Reading


March 16, 2023

ICYMI: At Hearing, Senator Warren Calls Out AFRICOM and CENTCOM’s Use of Wasteful, “Wish List” Requests on Top of its DoD Budget Proposal

Washington, D.C. - During today’s hearing of the Senate Armed Services Committee, U.S. Senator Elizabeth Warren (D-Mass.) questioned the Commanders of United States Africa Command (AFRICOM) and United States Central Command (CENTCOM) on their use of unfunded priorities lists or “wish lists” in addition to their baseline budget requests. When speaking with Generals Langley and Kurilla, Senator Warren highlighted that “these unfunded priority lists are just another way to game the … Continue Reading


March 16, 2023

ICYMI: At First Hearing of Armed Services Personnel Subcommittee, Warren Highlights Priorities for 2024 NDAA

Washington, D.C. - Today, chairing her first hearing of the Senate Armed Services Subcommittee on Personnel, Senator Elizabeth Warren (D-Mass.) highlighted the importance of providing adequate child care to military families, addressing existing failures in the Junior Reserve Officers’ Training Corps, and putting pressure on DoD to exercise its authority to waive civilian medical debt.Senator Warren asked Gil Cisneros, Under Secretary of Defense for Personnel and Readiness, about how … Continue Reading


March 16, 2023

Senator Warren Demands Answers from Former Signature CEO Following Bank’s Collapse

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.) sent a letter to ex-Signature Bank CEO Joseph J. DePaolo about his gross mismanagement that resulted in the bank’s failure and his and Signature Bank lobbyists’ efforts to roll back Dodd-Frank regulations in the aftermath of the 2008 financial crisis.In 2018, the Senate passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, rolling back banking regulations enacted by the Dodd-Frank Act and raising the asset … Continue Reading


March 16, 2023

Warren, King, 19 Senators to IRS and Treasury: Use New IRS Funding to Protect Taxpayer Rights and Increase Tax Enforcement on High-Income Individuals and Large Corporations

Washington, D.C. - U.S. Senators Elizabeth Warren (D-Mass.) and Angus King (I-Maine) led a letter with 19 other senators to Internal Revenue Service (IRS) Commissioner Daniel Werfel and Treasury Secretary Janet Yellen, expressing strong support for Secretary Yellen’s directive for the IRS not raise audit rates for small businesses or households making under $400,000 annually and that new enforcement funds provided in the Inflation Reduction Act will focus on reducing tax avoidance by … Continue Reading


March 16, 2023

Warren Lambastes Fed Chair Powell for “Astonishing List of Failures” that Contributed to Collapse of Silicon Valley Bank and Signature Banks

Washington, D.C. - United States Senator Elizabeth Warren (D-Mass.), a member of the Senate Banking, Housing and Urban Affairs Committee, sent a 10-page letter to Federal Reserve (Fed) Chair Jerome Powell criticizing his leadership failures at the Fed that directly contributed to the sudden collapse of Silicon Valley Bank Financial Group (SVB) and Signature Bank (Signature) and the significant risk to the banking system and the economy unleashed by those collapses. Earlier this week, … Continue Reading


March 15, 2023

At First Hearing of Armed Services Personnel Subcommittee, Senator Warren Highlights Importance of Access to Child Care, Relief of Civilian Medical Debt, and Increased Oversight of the JROTC Program

Washington, D.C. - Today, chairing her first hearing of the Senate Armed Services Subcommittee on Personnel, Senator Elizabeth Warren (D-Mass.) highlighted the importance of providing adequate child care to military families, addressing failures in the Junior Reserve Officers’ Training Corps, and putting pressure on DoD to exercise its authority to waive civilian medical debt. Transcript: Military and civilian personnel programs in the Department of Defense in review of the Defense … Continue Reading


March 15, 2023

ICYMI: Warren Delivers Speech on Bank Failures and New Bill to Reverse Trump-era Deregulation of Banking Rules

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Banking, Housing, and Urban Affairs Committee, delivered a speech on the Senate Floor about the failures of Silicon Valley Bank and Signature Bank and her new bill introduced yesterday, the Secure Viable Banking Act, which would repeal Title IV of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. The full text of her remarks is available below.Remarks by Senator Elizabeth … Continue Reading


March 15, 2023

Warren, Blumenthal Seek Comprehensive DOJ and SEC Investigation of Silicon Valley Bank Executives After Bank’s Collapse, Aggressive Prosecution of Any Lawbreaking

Washington, D.C. - U.S. Senators Elizabeth Warren (D-Mass.) and Richard Blumenthal (D-Conn.) sent a letter to the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), calling on them to conduct a comprehensive investigation to determine whether senior executives and other key officials involved in the collapse of Silicon Valley Bank (SVB) met their statutory and regulatory responsibilities or violated civil or criminal laws. “A series of reports revealed that key … Continue Reading


March 14, 2023

Warren, Porter, Dozens of Democratic Lawmakers Introduce Bill to Repeal 2018 Rollback of Critical Dodd-Frank Protections

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.) and U.S. Representative Katie Porter (D-Calif.) led dozens of Democratic lawmakers to introduce the Secure Viable Banking Act, legislation that would repeal Title IV of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 following the collapse of Silicon Valley Bank (SVB) and Signature Bank. In 2018, Senator Warren was outspoken about the dangers of passing the Economic Growth, Regulatory Relief, … Continue Reading


March 14, 2023

Senator Warren Calls for Answers from Silicon Valley Bank CEO Following Collapse

Washington, D.C. — U.S. Senator Elizabeth Warren (D-Mass.) sent a letter to ex-Silicon Valley Bank CEO Greg Becker to inquire about his and SVB lobbyists’ efforts to roll back Dodd-Frank rules prior to the collapse of the bank.Five years ago today, the Senate passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, rolling back banking regulations enacted by the Dodd-Frank Act and raising the asset threshold at which a bank is considered and regulated as a … Continue Reading


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 … Continue Reading


March 13, 2023

Senator Warren in New York Times Op-Ed: Silicon Valley Bank Is Gone. Its Executives Must be Held Accountable and Washington Must Act to Prevent the Next Crisis.

Op-Ed in the New York TimesWashington, D.C. - Following the failure of Silicon Valley Bank (S.V.B.), U.S. Senator Elizabeth Warren (D-Mass.) published an op-ed in the New York Times urging Congress and federal regulators to strengthen weakened rules to avoid another crisis, intensify bank oversight, reform deposit insurance, and hold S.V.B. executives accountable for any malfeasance or mismanagement that led to this failure.Read the full op-ed here and below:No one should be mistaken … Continue Reading

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