{"id":4594,"date":"2026-07-15T17:08:26","date_gmt":"2026-07-15T17:08:26","guid":{"rendered":"https:\/\/nextcitydigest.com\/?p=4594"},"modified":"2026-07-15T17:08:26","modified_gmt":"2026-07-15T17:08:26","slug":"sen-warren-calls-for-probe-into-feds-outside-review-of-silicon-valley-bank-failure","status":"publish","type":"post","link":"https:\/\/nextcitydigest.com\/?p=4594","title":{"rendered":"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure"},"content":{"rendered":"
\n
\n

By Joshua Green and Maria Eloisa Capurro, Bloomberg<\/strong><\/p>\n

Senator Elizabeth Warren is asking the Federal Reserve\u2019s Office of Inspector General to open an investigation into the decision by the central bank\u2019s vice chair for supervision, Michelle Bowman, to commission an outside review of the 2023 failure of Silicon Valley Bank.<\/p>\n

Read more \u2018Narcissistic\u2019 Alec Baldwin accused of making Sam Neill tribute about himself<\/a><\/p>\n

In a letter to the IG\u2019s office on Tuesday, Warren, the top Democrat on the Senate Banking Committee, said the review may constitute government \u201cwaste,\u201d since previous audits of the failure have already been conducted.<\/p>\n

Warren also expressed concern the review may violate Fed policies because the firm conducting it is connected to former Vice Chair for Supervision Randy Quarles, who served as the agency\u2019s top bank cop until 2021 during President Donald Trump\u2019s first term.<\/p>\n

That connection \u201craises serious questions as to whether the Fed\u2019s contract, procurement and conflict of interest policies were followed,\u201d Warren wrote in the letter obtained by Bloomberg News.<\/p>\n

\u201cI therefore request that the Office of Inspector General of the Board of Governors of the Federal Reserve System conduct an investigation into this review to determine whether any statutes, regulations, policies, or procedures were violated, and whether the review constitutes government waste,\u201d she wrote.<\/p>\n

Read more Review: Christopher Nolan is up to the challenge in \u2018Odyssey\u2019<\/a><\/p>\n

A spokesperson for the Fed\u2019s IG confirmed receipt of the letter, but declined further comment. The Fed declined to comment.<\/p>\n

The Fed in February said the Bowman-commissioned review is aimed at \u201cidentifying the shortcomings in our supervision that kept the Federal Reserve from identifying or taking prompt and effective actions to address the deficiencies\u201d that led to the failures of SVB and other lenders in 2023. Warren has taken issue with the review for months, and has previously sent letters to the Fed over the matter.<\/p>\n

\n<\/div>\n

The new review follows ones conducted by the Fed\u2019s IG, the Government Accountability Office and Fed Governor Michael Barr, Bowman\u2019s predecessor as vice chair for supervision.<\/p>\n

The Fed tapped a little-known firm, Starling Trust Sciences, to run the latest audit. Warren in her Tuesday letter said, \u201cIt is difficult to believe that the contract was awarded through a truly competitive process, and that a firm publicly affiliated with Mr. Quarles just so happened to be the best applicant.\u201d<\/p>\n

Read more Pedestrian dies after being hit by dump truck in Oakland<\/a><\/p>\n

More stories like this are available on bloomberg.com<\/p>\n

\u00a92026 Bloomberg L.P.<\/p>\n

\n<\/div>\n
\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In a letter to the IG\u2019s office on Tuesday, Warren, the top Democrat on the Senate Banking Committee, said the review may constitute government \u201cwaste,\u201d since previous audits of the failure have already been conducted.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":4593,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nSen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure - Next City Digest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nextcitydigest.com\/?p=4594\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure - Next City Digest\" \/>\n<meta property=\"og:description\" content=\"In a letter to the IG\u2019s office on Tuesday, Warren, the top Democrat on the Senate Banking Committee, said the review may constitute government \u201cwaste,\u201d since previous audits of the failure have already been conducted.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nextcitydigest.com\/?p=4594\" \/>\n<meta property=\"og:site_name\" content=\"Next City Digest\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-15T17:08:26+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/#\\\/schema\\\/person\\\/13065d40d633843429ac57d4e5c06f9b\"},\"headline\":\"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure\",\"datePublished\":\"2026-07-15T17:08:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594\"},\"wordCount\":433,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/nextcitydigest.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/a84aa59f55c9a018bdc92f0f9e2d6e39.webp\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594\",\"url\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594\",\"name\":\"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure - Next City Digest\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/nextcitydigest.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/a84aa59f55c9a018bdc92f0f9e2d6e39.webp\",\"datePublished\":\"2026-07-15T17:08:26+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/#\\\/schema\\\/person\\\/13065d40d633843429ac57d4e5c06f9b\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594#primaryimage\",\"url\":\"https:\\\/\\\/nextcitydigest.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/a84aa59f55c9a018bdc92f0f9e2d6e39.webp\",\"contentUrl\":\"https:\\\/\\\/nextcitydigest.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/a84aa59f55c9a018bdc92f0f9e2d6e39.webp\",\"width\":1024,\"height\":682},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/?p=4594#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/nextcitydigest.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/#website\",\"url\":\"https:\\\/\\\/nextcitydigest.com\\\/\",\"name\":\"Next City Digest\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/nextcitydigest.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/nextcitydigest.com\\\/#\\\/schema\\\/person\\\/13065d40d633843429ac57d4e5c06f9b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\\\/\\\/nextcitydigest.com\"],\"url\":\"https:\\\/\\\/nextcitydigest.com\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure - Next City Digest","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nextcitydigest.com\/?p=4594","og_locale":"en_US","og_type":"article","og_title":"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure - Next City Digest","og_description":"In a letter to the IG\u2019s office on Tuesday, Warren, the top Democrat on the Senate Banking Committee, said the review may constitute government \u201cwaste,\u201d since previous audits of the failure have already been conducted.\u00a0","og_url":"https:\/\/nextcitydigest.com\/?p=4594","og_site_name":"Next City Digest","article_published_time":"2026-07-15T17:08:26+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/nextcitydigest.com\/?p=4594#article","isPartOf":{"@id":"https:\/\/nextcitydigest.com\/?p=4594"},"author":{"name":"admin","@id":"https:\/\/nextcitydigest.com\/#\/schema\/person\/13065d40d633843429ac57d4e5c06f9b"},"headline":"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure","datePublished":"2026-07-15T17:08:26+00:00","mainEntityOfPage":{"@id":"https:\/\/nextcitydigest.com\/?p=4594"},"wordCount":433,"commentCount":0,"image":{"@id":"https:\/\/nextcitydigest.com\/?p=4594#primaryimage"},"thumbnailUrl":"https:\/\/nextcitydigest.com\/wp-content\/uploads\/2026\/07\/a84aa59f55c9a018bdc92f0f9e2d6e39.webp","articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/nextcitydigest.com\/?p=4594#respond"]}]},{"@type":"WebPage","@id":"https:\/\/nextcitydigest.com\/?p=4594","url":"https:\/\/nextcitydigest.com\/?p=4594","name":"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure - Next City Digest","isPartOf":{"@id":"https:\/\/nextcitydigest.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nextcitydigest.com\/?p=4594#primaryimage"},"image":{"@id":"https:\/\/nextcitydigest.com\/?p=4594#primaryimage"},"thumbnailUrl":"https:\/\/nextcitydigest.com\/wp-content\/uploads\/2026\/07\/a84aa59f55c9a018bdc92f0f9e2d6e39.webp","datePublished":"2026-07-15T17:08:26+00:00","author":{"@id":"https:\/\/nextcitydigest.com\/#\/schema\/person\/13065d40d633843429ac57d4e5c06f9b"},"breadcrumb":{"@id":"https:\/\/nextcitydigest.com\/?p=4594#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nextcitydigest.com\/?p=4594"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nextcitydigest.com\/?p=4594#primaryimage","url":"https:\/\/nextcitydigest.com\/wp-content\/uploads\/2026\/07\/a84aa59f55c9a018bdc92f0f9e2d6e39.webp","contentUrl":"https:\/\/nextcitydigest.com\/wp-content\/uploads\/2026\/07\/a84aa59f55c9a018bdc92f0f9e2d6e39.webp","width":1024,"height":682},{"@type":"BreadcrumbList","@id":"https:\/\/nextcitydigest.com\/?p=4594#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nextcitydigest.com\/"},{"@type":"ListItem","position":2,"name":"Sen. Warren calls for probe into Fed\u2019s outside review of Silicon Valley Bank failure"}]},{"@type":"WebSite","@id":"https:\/\/nextcitydigest.com\/#website","url":"https:\/\/nextcitydigest.com\/","name":"Next City Digest","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nextcitydigest.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/nextcitydigest.com\/#\/schema\/person\/13065d40d633843429ac57d4e5c06f9b","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/nextcitydigest.com"],"url":"https:\/\/nextcitydigest.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=\/wp\/v2\/posts\/4594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4594"}],"version-history":[{"count":0,"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=\/wp\/v2\/posts\/4594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=\/wp\/v2\/media\/4593"}],"wp:attachment":[{"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nextcitydigest.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}