Thread by @pdacosta

"While the @FederalReserve has taken the necessary action to ensure that markets continue to function, I am alarmed that it has been required to engage in money market interventions that have not been used since the 2008 financial crisis." - @senwarren warren.senate.gov/oversight/lett…

@federalreserve @SenWarren "I write to obtain your understanding of the underlying causes of this fluctuation in the market and how you plan to mitigate them."

"I am also concerned that, 'Big U.S. banks are using the recent chaos in short-term funding markets as an opportunity to pressure the Federal Reserve to ease liquidity requirements they have long despised.'"

"Banks are reporting profits at record, levels, and it would be painfully ironic if unexplained chaos in a small corner of the banking market became an excuse to further loosen
rules that protect the economy from these types of risks." - @ewarren