Congress to scrutinize failed banks SVB & Signature Bank on March 29, with federal financial regulators testifying.
Representatives from the Federal Deposit Insurance Corporation and Federal Reserve will be testifying before the United States House Financial Services Commission in a newly announced hearing investigating the collapse of two major banks.
In a March 17 notice, Representatives Maxine Waters and Patrick McHenry — ranking member and chair of the committee, respectively —U.S. lawmakers would listen to testimony from federal financial regulators “in response to the failures of Silicon Valley Bank and Signature Bank” in a March 29 hearing. FDIC chair Martin Gruenberg and Fed vice chair for supervision Michael Barr are expected to appear before Congress.
“The House Financial Services Committee is committed to getting to the bottom of the failures of Silicon Valley Bank and Signature Bank,” said Waters and McHenry. “This hearing will allow us to begin to understand why and how these banks failed.”
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