Senator Blumenthal: Week in Review 9/12/2025-9/19/2025

Uncovering KPMG's Willful Ignorance Leading Up to Collapse of Troubled Banks

[WASHINGTON, D.C.] - U.S. Senator Richard Blumenthal (D-CT), Ranking Member of the U.S. Senate Permanent Subcommittee on Investigations (PSI), released a final Minority Staff Report, marking the end of the Subcommittee's probe into KPMG's audits of three major American banks prior to their collapse.

The report concludes a 28-month long investigation into KPMG's unqualified audits of Silicon Valley Bank, Signature Bank, and First Republic Bank, each of which the auditing firm had certified as representing their numbers fairly and accurately to the public, weeks, if not days before their collapse. Among its findings, PSI's investigation revealed that KPMG had years-long awareness of the banks' problems that precipitated each their eventual failures and had put depositors and investors at risk.

"KPMG ignored the warning signs that Silicon Valley Bank, Signature Bank, and First Republic Bank were unstable-justifying their patterns of risky and questionable decisions to issue clean audits in the days leading up to their failures," said Blumenthal. "Our PSI report exposes KPMG's willful blindness and stresses that significant reforms to the auditing industry are needed to promote transparency and better protect consumers."

The full text of PSI's Minority staff report is available here.

Slamming the Trump Administration's Risk to Public Safety

Ahead of a hearing in the Senate Judiciary Committee with Federal Bureau of Investigation (FBI) Director Kash Patel, Blumenthal and U.S. Senators Sheldon Whitehouse (D-RI), Mazie K. Hirono (D-HI), Cory Booker (D-NJ), and Chris Coons (D-DE) wrote Patel and Attorney General Pam Bondi raising concerns about the risk to public safety as a result of "this Administration's sweeping staff cuts, personnel reassignments, and supposed restructuring across federal law enforcement agencies."

In the letter, the senators cited recent reports of major personnel cuts and reassignments, including the transfer of agents away from counter-terrorism and cybersecurity units; dramatic budget cuts to law enforcement agencies overseeing drug and firearms trafficking; and efforts to test personnel on their personal political preferences.

"It defies credulity to believe that, amidst these cuts, policy changes, and overall turmoil, our law enforcement agencies' ability to protect our country has not been impacted," the senators wrote.

The full text of the letter can be found here.

At a Senate Judiciary Committee hearing, Blumenthal grilled Patel on his weaponization of the Bureau and retaliatory firings of FBI agents.

"Director Patel… you'll recall well in January at your confirmation hearing before this Committee, I raised the prospect of politically-motivated retaliation, and you promised me, as you did other members of this Committee, 'Every FBI employee will be held to the absolute same standard, and no one will be terminated for case assignments.' You went on to tell me, 'All FBI employees will be protected against political retribution.' And you assured one of my colleagues that you would honor the internal review process of the FBI," said Blumenthal. "I'm not going to mince words; you lied to us. In the short time that you've been FBI Director, you've presided over a rash of retaliatory firings. Three FBI agents have recently sued you-they are FBI agents with 60 years between them of distinguished service, rescuing hostages, saving kids from predators, dismantling drug cartels, and their allegations, their civil allegations, are a searing indictment of your tenure as FBI Director."

A video of Blumenthal's remarks can be found here.

Blumenthal further called out Patel for his weaponizing of the Bureau on Twitter/X.

"Kash Patel as Director of the FBI should be enforcing the law without political favor or fear. Instead he is seemingly weaponizing the Bureau to engage in a political witch hunt," wrote Blumenthal with an accompanying video on Twitter/X.

Restoring Accountability & Justice for Consumers & Workers

Blumenthal and U.S. Representative Hank Johnson (GA-04), Ranking Member of the Judiciary Subcommittee on Courts, Intellectual Property, Artificial Intelligence and the Internet, introduced the Forced Arbitration Injustice Repeal (FAIR) Act re-establishing Americans' Seventh Amendment right to seek justice and accountability through the court system.

The FAIR Act would eliminate forced arbitration clauses in employment, consumer, and civil rights cases. Instead of forcing arbitration, the FAIR Act, would allow consumers and workers to choose between arbitration and the Court system after a dispute occurs.

"Forced arbitration clauses restrict Americans' access to justice by stripping consumers and workers of their right to go to court. Instead, they are forced into a rigged system where corporations can write the rules and everything can be done in secret. What is at stake today is basic fairness. Congress can show that it's on the side of everyday Americans and not corporate wrongdoers by passing the FAIR Act," said Blumenthal.

Blumenthal and Johnson hosted a virtual roundtable discussion on forced arbitration, where they announced the introduction of the FAIR Act

"You and I both, in championing this bill, I think are standing up for everyday Americans who are often misused and abused by big corporations that use arbitration clauses-insert them as small print in contracts. 60 million Americans are victims of them. In my own law practice, I'm a litigator. I was a U.S. Attorney, chief federal prosecutor in Connecticut, and State Attorney General, and countless times, I encountered people who had a really legitimate grievance and who came to me, and I had to tell them, regretfully, there was nothing I could do because of this hidden arbitration clause that barred the courthouse doors to them and denied them their day before a judge and jury. That's un-American, and we are united, Congressman Johnson and I, over the time we've been together on this cause-more than one Congress-and we are absolutely determined that we will stand up to those corporations," said Blumenthal.

Watch the virtual roundtable here.

On the Senate Veterans' Affairs Committee

At a Senate Veterans' Affairs Committee oversight hearing, Ranking Member Blumenthal stressed the harmful impacts the Trump Administration's cuts and firings at the Department of Veterans Affairs (VA) are having on veterans' care-especially for veterans with spinal cord injuries and disorders (SCI/D). These veterans rely heavily on in-house VA health care and the specialized VA employees who provide that care-both of which are especially vulnerable to the Trump Administration's VA cuts and firings.

"As VA continues to bleed employees due to this Secretary's harmful policies, the services provided to people who are directly involved in SCI/D are particularly at-risk," said Blumenthal during his opening remarks. "…Veterans who receive these services from VA can't easily transfer their care to community providers - where facilities are often inaccessible and providers rarely receive specialized SCI/D training. And this training isn't a luxury, it's essential. It's dealing with severe, life-threatening complications that can arise from seeing a provider who is not sufficiently trained. And I am very disturbed at how Secretary Collins has failed to provide any credible assurances that he'll fight to preserve access to SCI/D care at VA - which, even before these cuts, needed bolstering and expanding."

A video of Blumenthal's opening statement is available here.

Blumenthal further slammed the Trump Administration's VA for its failing of veterans with spinal cord injuries and disorders on Twitter/X.

"As VA bleeds employees due to this admin's harmful policies, the services provided to veterans with spinal cord injuries & disorders are at risk. I'm deeply disturbed Sec. Collins sent witnesses completely unprepared to answer even basic questions about care for vets with SCI/D," wrote Blumenthal with an accompanying video on Twitter/X.

Blumenthal Bulletin

Blumenthal called the suspension of Jimmy Kimmel's late night show an unprecedented act of government censorship.

Blumenthal called for the resignation of Brendan Carr.

Blumenthal demanded answers from Meta following bombshell whistleblower allegations.

Blumenthal introduced a bipartisan, bicameral bill promoting infant screening for virus that causes birth defects.

Blumenthal reintroduced a bipartisan, bicameral bill to reduce hunger among military families.

Blumenthal cosponsored a bill to protect striking workers.

Blumenthal joined the Connecticut delegation in demanding the EPA withdraw proposal to gut critical health and safety protections.

Blumenthal urged the FDA to finalize a bipartisan rule capping nicotine levels for combustible tobacco products.

Blumenthal released a statement on the $670 million for Pratt & Whitney F135 Engines.

Blumenthal celebrated the promotion of Frank Wright to Sergeant.

Blumenthal attended the ribbon cutting of The Hamden Club, a new chapter of the National Association of Negro Business and Professional Women's Clubs.

Blumenthal promoted the Health Care Affordability Act.

Blumenthal attended the Hartford Pride Fest.

Blumenthal attended Norwalk's Black Heritage Parade.

Blumenthal attended the Ukrainian Festival in Stamford.

Blumenthal highlighted the need for the Shadow Docket Sunlight Act.

Blumenthal celebrated the 78^th birthday of the U.S. Air Force.

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