Sen. Elizabeth Warren has called for an independent probe into the recent failures of Silicon Valley Bank and Signature Bank and took specific aim at the head of the Federal Reserve Bank of San Francisco.
and took specific aim at the head of the Federal Reserve Bank of San Francisco responsible for oversight of Silicon Valley Bank.
California regulators shuttered Silicon Valley Bank on March 10 and appointed FDIC as receiver. It was the largest U.S. bank collapse since Washington Mutual went bust during the financial crisis of 2008. On Friday, the bank's parent, Silicon Valley Bank Financial Group, said it filed for Chapter 11 bankruptcy protection.
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