Elizabeth Warren Calls for Investigation of SVB and Signature Bank Collapses – WSJ

Sen. Elizabeth Warren (D., Mass.) called for an independent investigation into the recent failures of two U.S. regional banks, Silicon Valley Bank and Signature Bank.

In a letter Sunday to the inspectors general of the Treasury Department, the Federal Deposit Insurance Corp. and the Federal Reserve, Ms. Warren called for the probe to examine the management and oversight of the banks ahead of their collapses this month. She said preliminary results from the investigation should be provided within 30 days.

The bank’s executives, who took unnecessary risks or failed to hedge against entirely foreseeable threats, must be held accountable for these failures. But this mismanagement was allowed to occur because of a series of failures by lawmakers and regulators,” said Ms. Warren, who sits on the Senate Banking Committee.

Source: Elizabeth Warren Calls for Investigation of SVB and Signature Bank Collapses – WSJ