U.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.
and took specific aim at the head of the Federal Reserve Bank of San Francisco responsible for oversight of SVB.to the inspectors general of the U.S. Treasury Department, the Federal Deposit Insurance Corp and the Federal Reserve on Sunday, urging regulators to examine the recent management and oversight of the banks which collapsed earlier this month.
California regulators shuttered Silicon Valley Bank on March 10 and appointed FDIC as receiver. It was the largest U.S. bank collapse since Washington Mutual went bust during the financial crisis of 2008. On Friday, the bank's parent, SVB Financial GroupU.S. prosecutors are investigating the SVB collapse, a source familiar with the matter told Reuters last week.on Sunday she does not have faith in San Francisco Federal Reserve President Mary Daly in the wake of SVB's collapse.
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