Senator Elizabeth Warren blasted Federal Reserve Chair Jerome Powell for “an astonishing list of failures” that contributed to the collapse of Silicon Valley Bank and Signature Bank in a letter to the Fed chief Wednesday.
“SVB and Signature accumulated risk and made dangerous decisions about how to manage that risk,” Warren said. “They did so in part because of greed and incompetence – but were allowed to do so under faulty supervision and in a weakened regulatory environment that you helped to create.”
“You owe the public an explanation,” she added.
