Warren Seeks Fed IG Probe Into Outside Review of SVB Collapse
Sen. Elizabeth Warren has asked the Federal Reserve's Office of Inspector General to investigate the central bank's decision to commission an outside review of the 2023 Silicon Valley Bank failure, citing potential government waste and conflict-of-interest concerns, "I therefore request that the Office of Inspector General... conduct an investigation into this review to determine whether any statutes, regulations, policies, or procedures were violated, and whether the review constitutes government waste," Warren wrote in a letter obtained. Warren questioned the selection of Starling Trust Sciences, citing its ties to former Fed Vice Chair for Supervision Randy Quarles. "It is difficult to believe that the contract was awarded through a truly competitive process," she wrote.
Sen.
Elizabeth Warren has asked the Federal Reserve's Office of Inspector General to investigate the central bank's decision to commission an outside review of the 2023 Silicon Valley Bank failure, citing potential government waste and conflict-of-interest concerns, "I therefore request that the Office of Inspector General... conduct an investigation into this review to determine whether any statutes, regulations, policies, or procedures were violated, and whether the review constitutes government waste," Warren wrote in a letter obtained.
Warren questioned the selection of Starling Trust Sciences, citing its ties to former Fed Vice Chair for Supervision Randy Quarles. "It is difficult to believe that the contract was awarded through a truly competitive process," she wrote.