(New York = Yonhap Infomax) Correspondent Jeong Sun-young = The US Federal Reserve System (Fed · Fed) announced that it would proceed with a central bank-level supervision and regulatory review of the Silicon Valley Bank (SVB) bankruptcy.
In response, U.S. Senator Elizabeth Warren argued that U.S. Federal Reserve Chairman Jerome Powell should be removed from the job.
“Chairman Powell’s action to allow large banks such as Silicon Valley to take risks and increase profits directly contributed to the collapse of these banks,” Senator Elizabeth Warren said in a statement. “, he emphasized.
“For the Fed’s investigation to be credible, Powell must openly and immediately withdraw from this internal review,” Warren said.
The Fed announced yesterday that Vice-Chairman Michael Barr will lead the supervisory and regulatory overhaul following the Silicon Valley bank’s bankruptcy.
The review will be published by May 1st.
Chairman Powell emphasized that “the case surrounding Silicon Valley banks requires a thorough, transparent and prompt review by the Fed.”
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