Sinema calls for an independent investigation on recent bank failure

WASHINGTON (KYMA, KECY) - Senator Kyrsten Sinema (I-Arizona) and other members of the Senate Banking Committee sent a letter urging the Government Accountability Office to conduct an independent investigation into federal regulators' failure to conduct proper oversight of Silicon Valley Bank.

In a recent Senate Banking Committee hearing, Sinema questioned Michael Barr after discovering that he was not personally notified about the glaring problems until weeks before the bank's failure.

Despite deficiencies being first raised in the Fall of 2021 and concerns identified as early as 2019.

In their letter, Sinema and members of the committee called on the Government Accountability Office to examine the supervisory practices or regulators to uncover what went wrong and how future oversight failures can be avoided.

Sinema cosponsored the DEPOSIT Act, legislation that would claw back profits made by bank executives on the sale of stocks and compensation bonuses earned within 60 days of a bank failure.

You can read the letter below: