U.S. Senator Warren calls for investigation into SVB and Signature Bank failures – WSJ

U.S. Senator Elizabeth Warren, a champion of stricter banking policies, has called for an investigation into the collapses of Silicon Valley Bank and Signature Bank, according to an article from the Wall Street Journal on Sunday.

Warren has written to the inspectors general of the Treasury Department, the Federal Deposit Insurance Corp, and the Federal Reserve, requesting that regulators scrutinize the management and oversight of the banks before they failed this month.

The newspaper reported that Warren has demanded that preliminary findings from the investigation should be presented within 30 days.

“The bank’s executives, who took unnecessary risks or failed to hedge against entirely foreseeable threats, must be held accountable for these failures. But this mismanagement was allowed to occur because of a series of failures by lawmakers and regulators,” Warren wrote, according to the article.

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Frances Kerry)

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