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Politics

Powell Faces Bipartisan Chorus Calling for Independent SVB Probe

  • Democrats, Republicans call for outside investigation
  • Fed Vice Chair Michael Barr is leading an internal Fed review
Jerome Powell

Jerome Powell

Photographer: Al Drago/Bloomberg

Federal Reserve Chair Jerome Powell faces growing calls from key lawmakers and regulatory experts for an independent investigation into the collapse of Silicon Valley Bank, not just an internal review by the Fed board.

“One hundred percent needs to be an outside look at it,” said Senator Jon Tester of Montana, a senior Democrat on the Banking Committee, which has Fed oversight authority. “Let the Fed look at it, but it needs to be somebody on the outside that looks at it.”