Skip to content

Senators Urge Biden to Appoint Independent Banking Investigator

  • Tester, Tillis say ‘self-reflection’ by Fed, FDIC insufficient
  • Barr, Gruenberg are to appear at hearing on bank failures
A Signature Bank branch in New York.
A Signature Bank branch in New York.Photographer: Stephanie Keith/Bloomberg

Two senators on the Banking Committee say they have found flaws in regulators’ oversight reviews before some of the recent bank failures, and are asking President Joe Biden to appoint an independent investigator. 

“Self-reflection, while appreciated, is insufficient to ensure stressors to our financial system of this magnitude are not repeated,” Jon Tester, a Montana Democrat, and Thom Tillis, a North Carolina Republican, wrote in a letter to Biden that was obtained by Bloomberg News.