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Warren Calls on Powell to Recuse Himself From Fed’s SVB Review

  • Senator says Powell’s actions contributed to lender’s failure
  • Supervision chief Barr needs independence to do job, she says
Bloomberg business news
Why the Silicon Valley Bank Collapse Matters

Senator Elizabeth Warren called on Federal Reserve Chairman Jerome Powell to recuse himself from the Fed’s review of the failure of the Silicon Valley Bank, the biggest collapse of a lender in more than a decade. 

“Fed Chair Powell’s actions to allow big banks like Silicon Valley Bank to boost their profits by loading up on risk directly contributed to these bank failures,” Warren, a Democrat from Massachusetts, said in a statement Tuesday. “For the Fed’s inquiry to have credibility, Powell must publicly and immediately recuse himself from this internal review.”