US Senator Elizabeth Warren has called for an independent probe into the recent failures of Silicon Valley Bank and Signature Bank.
Warren, a Democrat who is pushing for tighter banking regulations, sent a letter to the inspectors general of the US Treasury Department, the Federal Deposit Insurance Corp (FDIC), and the Federal Reserve on Sunday, urging regulators to examine the recent management and oversight of the banks which collapsed earlier this month.
On Friday, the bank's parent, SVB Financial Group, said it filed for Chapter 11 bankruptcy protection.
In her calls for an investigation, Warren has strongly criticised Federal Reserve finance officials.
She told CBS's Face the Nation that she did not have faith in San Francisco Federal Reserve president Mary Daly or Fed chairman Jerome Powell, whom she characterised as "a dangerous man to have in this position.
" Warren said the investigation "starts with" Powell, adding that the Federal Reserve Bank and Powell are ultimately responsible for the oversight and supervision of these banks.
Warren's call for an independent investigation comes after California regulators shuttered Silicon Valley Bank on March 10 and appointed the FDIC as receiver.
It was the largest US bank collapse since Washington Mutual went bust during the financial crisis of 2008.
Warren has positioned herself as a consumer protection advocate and trenchant critic of the US banking system, and her calls for an independent investigation may be seen within that broader context.