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Senator Richard Blumenthal, a senior member of the Permanent Subcommittee on Investigations (PSI) in the United States Senate and a Democratic senator from Connecticut, released a final minority staff report today. The report details the results of a 28-month investigation into KPMG's unconditional audits of Silicon Valley Bank, Signature Bank, and First Republic Bank. In the weeks and days leading up to the collapse of these three banks, KPMG had publicly demonstrated the fairness and accuracy of their financial data. The PSI investigation found that KPMG had been aware of the problems at these banks for years, which ultimately led to their collapse and put depositors and investors at risk. "KPMG ignored warning signs of instability at Silicon Valley Bank, Signature Bank, and First Republic Bank, providing justification for their reckless and suspicious decision-making in issuing flawless audit reports just days before their collapse," Blumenthal said. "Our PSI report exposes KPMG's willful blindness and emphasizes the need for major reforms in the audit industry to increase transparency and better protect consumers."