In letters to leaders at Goldman Sachs, Nomura Holding America and Credit score Suisse, the Ohio Democrat signifies he is in search of particulars on their relationship to Archegos. The letters, first reviewed by CNBC, are dated Wednesday. CNBC obtained a letter from Brown to Morgan Stanley after publication of this story.

Archegos, a household funding workplace run by former Tiger Administration analyst Invoice Hwang, triggered a sell-off in shares like Discovery and ViacomCBS final month when it was compelled to liquidate its positions in these corporations.

A number of banks had been caught within the fallout. Credit score Suisse and Nomura had been two prime brokers that took vital losses. Two executives at Credit score Suisse introduced they might be stepping down.

Goldman and Morgan Stanley, however, managed to promote a lot of the inventory associated to its Archegos’ margin calls and prevented any losses.

Brown despatched letters to Goldman CEO David Solomon, Crystal Lalime, basic counsel of Credit score Suisse and Yo Akatsuka, CEO of Nomura Holding America. The letter to Morgan Stanley was addressed to their CEO James Gorman.

The letters are the primary response from Congress that trace at a attainable investigation and transcend preliminary statements merely condemning the market chaos, such because the one Brown issued final week. On the time, Brown known as on regulators to take a “nearer look” at Archegos.

The committee has jurisdiction over the world’s largest banks and often engages with the heads of the Securities and Change Fee. The SEC has reportedly opened a preliminary investigation into Hwang and his current trades.

Sen. Elizabeth Warren, D-Mass., who can also be a member of the Senate Banking Committee, not too long ago informed CNBC that “Archegos’ meltdown had all of the makings of a harmful scenario.”

Brown’s letters to the three banking officers attempt to delve into the hyperlinks between the monetary establishments and Archegos.

“The main points and supreme consequence of Archegos’s failure stay to be seen, however the huge transactions, and losses, increase a number of questions relating to Goldman Sachs’s relationship with Archegos and the remedy of so-called ‘household places of work,’ Mr. Hwang’s historical past, and the transactions which have been talked about in information studies,” the letter to Solomon says.

Brown goes on to ask the executives to “define the know your buyer (KYC) evaluate and consumer onboarding course of for household places of work, together with any consideration given as to whether the household workplace is topic to regulatory registration or reporting.”

On Archegos, Brown asks for “the consumer onboarding course of, together with any supervisor or threat committee approvals, for Archegos, figuring out when it turned a consumer” together with requests for the banks to “determine the broker-dealer, financial institution, and different entities, immediately or not directly, concerned in transactions with Archegos and that participated within the margin name and ensuing inventory gross sales.”

Brown calls on Goldman, Credit score Suisse, Morgan Stanley and Nomura to answer his letters by April 22.