U.S. Sen. Warren asks Fed inspector general to investigate Bowman's review of Silicon Valley Bank
U.S. Senator Elizabeth Warren sent a letter to the Federal Reserve's Inspector General asking for an investigation into whether Michelle Bowman, the Fed's vice chair for regulatory affairs, wasted government resources by hiring a consulting firm to conduct a fourth review of the collapse of Silicon Valley Bank. Warren said in a letter to Fed Inspector General Michael Horowitz that previous reviews of Silicon Valley Bank's failures had twice determined that the deregulatory policies Bowman voted for contributed to the bank's failure. Warren said it could constitute a misuse of government resources if Bowman commissioned a new review "simply because a previous review implicated her policy actions." Warren also questioned that the consulting contract was not awarded through a competitive process and that Bowman's predecessor, Randal Quarles, was associated with the consulting firm. Open a futures account on Sina's cooperative platform, safe, fast and guaranteed