© Reuters. FILE Image: U.S. Senator Elizabeth Warren (D-MA) gestures as Federal Reserve Chair Jerome Powell testifies ahead of a Senate Banking, Housing, and City Affairs Committee hearing on the “Semiannual Financial Coverage Report to the Congress”, on Capitol Hill in
(Reuters) – U.S. Senator Elizabeth Warren, who is pushing tighter banking regulation, has known as for an investigation into the failures of Silicon Valley Bank and Signature Financial institution (NASDAQ:), the Wall Road Journal claimed on Sunday.
Warren sent a letter to the inspectors general of the Treasury Office, the Federal Deposit Insurance policy Corp and the Federal Reserve on Sunday, urging regulators to examine the administration and oversight of the financial institutions in advance of their collapses this month.
She reported preliminary success from the investigation ought to be delivered within 30 days, the newspaper reported.
“The bank’s executives, who took needless pitfalls or unsuccessful to hedge against solely foreseeable threats, should be held accountable for these failures. But this mismanagement was authorized to take place mainly because of a collection of failures by lawmakers and regulators,” the report quoted Warren as producing.