sharp critic of Powell.
A Fed representative declined to comment. Becker could not be immediately reached for comment. In her letter to Becker, Warren demanded details on the bank's lobbying for the law that eased rules for all but the nation's largest banks, noting that he submitted a statement to Congress arguing his firm should receive less regulatory scrutiny since it did not pose a risk to the financial system and had comprehensive internal risk tools.
On Sunday, regulators announced that all depositors, not just insured funds, at the bank would be protected, invoking a "systemic risk exception" to do so. The bank's collapse set off broader turmoil in the banking system, with regulators
moving this weekend to reassure depositors and ensure banks can access emergency funding.
That law raised the threshold at which banks would be considered "systemically important" and subject to stricter oversight from $50 billion to $250 billion. Silicon Valley Bank had $209 billion in assets at the end of last year.
"You have nobody to blame for the failure at your bank
but yourself and your fellow executives. You lobbied for weaker
rules, got what you wanted, and used this opportunity to
abdicate your basic responsibilities to your clients and the
public – facilitating a near-economic disaster," she wrote.
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WRAPUP 8-U.S. banks shake off immediate SVB contagion fears Apollo, Blackstone and KKR eye SVB loan book - Bloomberg News U.S. Justice Department, SEC investigating Silicon Valley Bank
collapse - WSJ U.S. Senator Warren: Fed's Powell should recuse himself from
bank review SVB a casualty in 'battle between fire and ice' against
inflation, bankers hear First Republic shares dive on contagion fear, dragging U.S.
regional banks ANALYSIS-Some U.S. banks facing stock rout may need to seek
partners ANALYSIS-Declining U.S. bank reserves add wrinkle to contentious
debt ceiling issue ANALYSIS-SVB collapse unleashes Treasury volatility, whiplashing
investors BREAKINGVIEWS-Bank woes make winners of money market villains BREAKINGVIEWS-Startup CEOs learn a lesson in counterparty risk GRAPHIC-SVB, Signature Bank are first bank failures since 2020 GRAPHIC-The path to the fall of Silicon Valley Bank ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Reporting by Doina Chiacu and Pete Schroeder; Editing by Susan
Heavey and Chizu Nomiyama)
