US Senator Warren Urges Fed Inspector General to Probe Bowman's SVB Review Role

Deep News01:45

US Senator Elizabeth Warren has sent a letter to the Federal Reserve's Inspector General, calling for an investigation into whether Vice Chair for Supervision Michelle Bowman wasted government resources by commissioning a fourth review of the Silicon Valley Bank collapse from a consulting firm.

In her letter to Inspector General Michael Horowitz, Warren stated that two previous examinations of the bank's failure had concluded that deregulatory policies, which Bowman voted in favor of, contributed to the collapse.

Warren argued that if Bowman initiated a new review "simply because the prior reviews implicated her policy actions," it could constitute a misuse of government resources.

Warren also raised concerns that the consulting contract was not awarded through a competitive process and noted that Bowman's predecessor, Randal Quarles, has ties to the consulting firm in question.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment