'An Abomination': Powell Cut Mention of Regulatory Failures From Bank Bailout Statement

Fed Chair Jerome Powell personally intervened over the weekend to block any mention of regulatory slipups in a joint statement on the federal government's response to the bank failures and bailout that followed.

"Everyone involved in Biden's decision to renominate him must apologize," said one watchdog.

Biden administration officials "wanted to include that lapses in bank regulation and supervision had contributed to problems that helped fell" Silicon Valley Bank, whose collapse marked the second-largest bank failure in U.S. history.

Sen. Elizabeth Warren wrote a letter to Fed Chair Jerome Powell on Thursday.

Warren: "Your decisions aided and abetted this bank failure, and you bear your share of responsibility for it" The Massachusetts Democrat tweeted that Powell's "outrageous attempt to muzzle the rest of the government".