Fed’s Powell says he welcomes probes into banking problems

(Reuters) – Federal Reserve Chairman Jerome Powell said on Wednesday that he expects and welcomes outside investigations into the banking woes that kicked off with the collapse of Silicon Valley Bank.

“It’s 100% certain there will be independent investigations” into what happened with the banks and the Fed welcomes those inquiries, as it proceeds on its own investigation, Powell said in his press conference following the meeting of the policy-setting Federal Open Market Committee.

(Reporting by Michael S. Derby; Editing by Leslie Adler)