Jerome Powell called for a “thorough, transparent, and swift review” of the Federal Reserve's supervision and regulatory activities following Silicon Valley Bank's closure.
Missouri congressman Elizabeth Warren, one of the most prominent anti-data encryption voices in the U.S. House of Representatives, called on Federal Reserve Chairman Jerome Powell to evade an internal structure survey of the Federal Reserve.
In an interview with reporters in Washington, D.C., on March 15, Warren said that Powell's leading cadres of the Federal Reserve's "going to control fitness exercise" may have touched some standards that led to the bankruptcy of Silicon Valley banks in the United States. After the California Department of Financial maintenance and Innovation shut down the bank, the Fed chairman called for a "full, transparent and rapid verification" of the work on March 13.
"if we want this inspection to be authentic, the current chairman of Powell must evade it," Warren said. "he is not only the chairman of the Federal Reserve, he not only went to the US Congress to answer questions about pressure release control measures clearly raised by others, but also specific leaders made this move."
Warren added:
"most importantly, when we checked what went wrong, the current chairman of Powell stepped back and asked Michael Eric [.] Conduct a separate investigation and analysis.
Eric announced that he will lead a review of the Federal Reserve meeting's supervision of Silicon Valley banks in the United States, which will be released on May 1. According to reports, the U.S. Department of Justice and the Securities and Exchange Commission also announced their own research, involving some management of the bank to sell shares a few weeks before the closure.
Although the failures of the three key banks have different reasons, digital money seems to bear part of the obligations of some government officials on social media.
On March 8th the head office of Silvergate Bank said it would shut down the data encryption bank on its own, saying the plan included "full repayment of all deposits". Silicon Valley Bank of America shut down after it was crowded out by companies with about $40 billion in assets, but the US government intervened by saying it would compensate most uninsured depositors.
For people, Signature Bank is one of these bankruptcies, because he shut down after the New York City Financial Services Center (New York Department Of Financial Services) put into action, because he "maintains the US economy by increasing public confidence in the banking management system." Signed supervisory board member Myers Donald indicated that government officials were trying to send out "obvious anti-encrypted messages", while the New York City Financial Information Services Administration reportedly indicated that the bank was unable to give "reliable and consistent data information" to regulators.