Press Releases
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
March 10, 2023
Senator Warren Statement on Silicon Valley Bank’s Failure
Boston, MA - U.S. Senator Elizabeth Warren (D-Mass.) released the following statement after the failure of Silicon Valley Bank (SVB): “In the wake of Silicon Valley Bank’s failure, I am receiving updates from the FDIC, and I expect there will soon be a better assessment of how much help is available for customers in Massachusetts and across the nation. SVB executives must be held accountable for any malfeasance or mismanagement that led to this failure. President Trump and … Continue Reading
March 10, 2023
Senator Warren Urges Treasury Secretary to Use Climate Hub to Take Swift, Aggressive Action on Climate Risks
Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.), along with Senators Sheldon Whitehouse (D-R.I.) and Ed Markey (D-Mass.) sent a letter to Treasury Secretary Janet Yellen following Climate Counselor John Morton’s departure and urging Treasury to take swift and aggressive action to tackle the climate crisis, which threatens our health, security, and financial system. In April 2021, Treasury announced the formation of a Climate Hub and the appointment of Mr. Morton as Climate … Continue Reading
