Sen. Warren Calls On Powell To Recuse Himself From SVB Review

Senator Elizabeth Warren (D-MA) calls on Fed Chair Jerome Powell to recuse himself from the review into the collapse of SVB, stating that the bank's failure was in part his fault: "Fed Chair Powell’s actions directly contributed to these bank failures. For the Fed’s inquiry to have credibility, Powell must recuse himself from this internal review. It’s appropriate for Vice Chair for Supervision Barr to have the independence necessary to do his job."

• Comes a day after Warren penned an op-ed for the NYT laying the blame at the feet of the Trump administration, and regulators as well as the Fed.
• Sen. Warren sits on the Senate Committee for Banking, Housing, and Urban Affairs, and has been a long-term critic of what she views as lax regulation on the financial services sector. In doing so she has become one of the pre-eminent voices on the Democratic left with regards to financial services reform, with her views carrying an outsized weight in terms of influence compared to fellow Democratic banking committee members.