House legislators to hold very first hearing on bank failures

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House lawmakers to hold first hearing on bank failures

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WASHINGTON– The House Financial Services Committee on Friday revealed its very first hearing on the failures of Silicon Valley Bank and Signature Bank.

Martin J. Gruenberg, chairman of the FDIC board of directors, and Michael S. Barr, vice chair for guidance for the Federal Reserve board of guvs, are arranged to affirm at the March 29 hearing. More witnesses might be included, the committee stated in a declaration.

The statement follows President Joe Biden’s demand to Congress on Friday to permit monetary regulators more authority to claw back payment from executives at stopped working banks.

The Federal Deposit Insurance Corporation took SVB’s deposits March 10 hours after the bank’s executives got perks. Regulators closed down cryptocurrency-focused Signature Bank on Sunday to stem a systemic threat.

Committee Chairman Patrick McHenry, R-N.C., and Ranking Member Maxine Waters, D-Calif, stated House Financial Services is “committed to getting to the bottom of the failures” of the banks.

“This hearing will allow us to begin to understand why and how these banks failed,” the legislators stated. “As Chairman and Ranking Member, we take our oversight duties seriously. We are working around the clock to deliver answers to the American people in order to protect depositors, promote the safety and soundness of America’s banks, and strengthen our financial system. We will conduct this hearing without fear or favor to get the answers the American people deserve.”

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