Warren, Kennedy Invite Federal Reserve Inspector General to Testify Before Banking Subcommittee on Recent Bank Failures and Reforms to Strengthen Fed Accountability

Press Release

"The Fed's own report blames itself in part for the failure to effectively regulate and supervise Silicon Valley Bank, and I'm leading a Senate hearing to get a full accounting of what happened. Inspector General Bialek's testimony before the Banking Subcommittee will provide Congress and the American people the answers they deserve about the Fed's role in this banking crisis and shed light on the need for structural reforms to bring greater accountability to the Fed. I urge Mr. Bialek to accept this invitation to testify.

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We have long expressed concerns about insufficient transparency around Fed policies and programs, unresponsiveness to Congressional information requests, and an overall lack of accountability at the Federal Reserve Board and regional Reserve Banks. The Fed's ongoing inability or unwillingness to meaningfully address these concerns threatens to undermine the public's confidence in the Fed and the credibility of the Fed's policymaking. The recent bank collapses, moreover, bring into stark relief the consequences of the Fed's failures and the need for structural reforms."

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