Warren called for an independent investigation of the Fed and the “whole regulatory system,” and demanded the reversal of the weakened oversight system amid the collapse of two US banks…
of the banking industry and “what happened is what we should have predicted.”
“These banks … loaded up on risk, they boosted their short term profits, they gave themselves huge bonuses and big salaries and they exploded their banks,” the senator said. Warren called for an independent investigation of the Fed and the “whole regulatory system,” and demanded the reversal of the weakened oversight system.
She also called for CEOs to be held accountable and forfeit the bonuses and large salaries seen in the wake of the bill’s passing, while adding that criminal charges stemming from a Department of Justice investigation were possible. “We’ve gotta say overall that we can’t keep repeating this approach of weakening the regulations over the banks than stepping in when the giant banks get into trouble,” Warren said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elizabeth Warren: Jerome Powell has ‘failed’ as Federal Reserve chairSen. Warren on Federal Reserve Chair Jerome Powell: 'He has had two jobs. One is to deal with monetary policy. One is to deal with regulation. He has failed at both.'
Read more »
What’s at stake for stocks, bonds as Federal Reserve weighs bank chaos against inflation fightMarkets may be in a vulnerable position ahead of the Federal Reserve’s meeting this week, as traders bet the banking crisis could lead to interest-rate cuts...
Read more »
Elizabeth Warren blasts Jerome Powell for taking 'flamethrower' to bank regulationsSen. Elizabeth Warren (D-MA) ratcheted up her criticism of Federal Reserve Chair Jerome Powell, contending he “took a flamethrower” to bank regulations.
Read more »
Economy Week Ahead: U.S. Interest Rates and Housing Market in FocusThe Federal Reserve deliberates on monetary policy as it confronts high inflation and financial instability.
Read more »
Feds Warned Silicon Valley Bank of Major Issues Years Before CrashThe Federal Reserve had been monitoring Silicon Valley Bank’s shaky ground for more than a year, repeatedly warning the bank of its problems, a source has told the New York Times.
Read more »
US Senator Warren criticizes Fed, calls for probe into SVB failureU.S. Senator Elizabeth Warren on Sunday called for an independent probe into the recent failures of Silicon Valley Bank and Signature Bank and took specific aim at the head of the Federal Reserve Bank of San Francisco responsible for oversight of SVB.
Read more »