US Senator Elizabeth Warren has sent a letter to the Federal Reserve's Inspector General, calling for an investigation into whether Vice Chair for Supervision Michelle Bowman wasted government resources by commissioning a fourth review of the Silicon Valley Bank collapse from a consulting firm.

In her letter to Inspector General Michael Horowitz, Warren stated that two previous examinations of the bank's failure had concluded that deregulatory policies, which Bowman voted in favor of, contributed to the collapse.

Warren argued that if Bowman initiated a new review "simply because the prior reviews implicated her policy actions," it could constitute a misuse of government resources.

Warren also raised concerns that the consulting contract was not awarded through a competitive process and noted that Bowman's predecessor, Randal Quarles, has ties to the consulting firm in question.