Warren Opens Inquiry into Wall Street’s Early Access to Sham Fed Report on SVB Collapse

Warren Opens Inquiry into Wall Street's Early Access to Sham Fed Report on SVB Collapse

The Ranking Member's letters follow reports indicating a Wall Street law firm and other private parties received early access to the Fed's report.

Warren to Bowman:"This reporting, coupled with your previous participation at a secret dinner hosted by Bank of America for its hedge fund clients, raises serious concerns that you and your staff may have engaged in a pattern of providing Wall Street with special access to non-public information."

Letter to Fed Vice Chair for Supervision (PDF) | Letter to Fed Director of Supervision & Regulation (PDF) | Letter to Starling Trust Sciences CEO (PDF)

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, wrote to Federal Reserve Vice Chair for Supervision Michelle Bowman, Federal Reserve Director of the Division of Supervision & Regulation Randall Guynn, and Starling Trust Sciences CEO Stephen Scott regarding reports that the Fed-commissioned report on Silicon Valley Bank's failure was provided to private parties before its public release - including one of Wall Street's top law firms, Davis Polk. In her letters, Senator Warren pressed for answers about whether the early access violated Fed regulations governing the disclosure of confidential supervisory information and other nonpublic information.

Senator Warren has previously raised concerns about this sham report, calling it "an embarrassing attempt to re-write history designed to pave the way for more dangerous deregulation that will lead to the next Silicon Valley Bank disaster."

"It was reported that an advance copy of the report was provided to certain private parties prior to its public release," the Ranking Member wrote. "Public comments by a partner at Davis Polk, the former law firm of your hand-picked Director of the Fed's Division of Supervision & Regulation, appear to confirm the reporting."

Ranking Member Warren asked Michelle Bowman for answers to the following questions by October 22, 2026, with similar questions sent to Mr. Guynn and Mr. Scott:

Did you provide, or direct your staff to provide, an advance copy of the SVB report to any private parties? If so, please provide the following information:

1. Please list all private parties to which you distributed, or directed staff to distribute, an advance copy of the report.

2. Please provide copies of the emails in which you transmitted, or directed the transmission of, the report to such parties.

3. Pursuant to 12 CFR Part 261 Subpart C, did the General Counsel review the report for Confidential Supervisory Information and approve the release of the nonpublic information in the report prior to its distribution to the private parties?

4. How did you select which parties would receive an advance copy of the report?

5. If you were uninvolved in determining which private parties would receive an advanced copy of the SVB report, who at the Fed was responsible?

Does the Federal Reserve Board have any policies or procedures regarding the provision of advance copies of reports to private parties?

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