US Senator Calls for Probe into Fed's Review of SVB Collapse, Cites Conflict of Interest Concerns

Deep News11:05

US Senator Elizabeth Warren has requested the Federal Reserve's Office of Inspector General to investigate the decision by Fed Vice Chair for Supervision Michelle Bowman to commission an external review of the 2023 collapse of SVB Financial Group.

In a letter to the Inspector General's office on Tuesday, Warren, the top Democrat on the Senate Banking Committee, argued that this new review could constitute a "waste" of government resources, given the multiple prior examinations and audits already conducted on the matter.

Warren also expressed concern that the project might violate Federal Reserve internal policies due to the selected firm's connections to former Fed Vice Chair for Supervision Randy Quarles. Quarles served as the Fed's top banking regulator during former President Trump's first term, holding the position until 2021.

"This connection raises serious questions as to whether the Federal Reserve is adhering to its policies on contract administration, procurement, and conflicts of interest," Warren wrote. "Therefore, I request that the Board of Governors Office of Inspector General open an investigation into this review."

A spokesperson for the Federal Reserve's Office of Inspector General confirmed receipt of the letter but declined to comment further. The Federal Reserve also declined to comment.

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