WASHINGTON–The House Financial Services Committee will hold a hearing this week featuring federal regulators in response tothe failures of Silicon Valley Bank (SVB) and Signature Bank, while senators are calling on the CEOs of both banks to appear before a committee.
In the House a bipartisan hearing has been scheduled for March 29. It was announced by committee Chairman Patrick McHenry (R-NC) and the Ranking Member of the House Maxine Waters (D-CA)). The Committee said it will hold additional hearings as appropriate.
Scheduled to testify before the committee are:
- Martin J. Gruenberg, chairman, Federal Deposit Insurance Corporation (FDIC)
- Michael S. Barr, vice chair for Supervision, Board of Governors of the Federal Reserve
The committee said additional witnesses may be added.
‘Getting to the Bottom of the Failures’
“The House Financial Services Committee is committed to getting to the bottom of the failures of Silicon Valley Bank and Signature Bank,” said McHenry and Waters in a joint statement. “This hearing will allow us to begin to understand why and how these banks failed. 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.”
CEOs ‘Must Answer,’ Say Senators
Similar sentiments are being expressed in the Senate. Sens. Sherrod Brown (D-OH) and Tim Scott (R-NC), the chairman and ranking member, respectively, of the Senate Banking, Housing and Urban Affairs Committee, have said they SVB CEO Gregory Becker and Signature Bank CEO Joseph DePaolo “must answer” for their banks’ “downfall.”
Brown and Scott they expect both executives to “appear at a future date.”
In the meantime, the FDIC’s Gruenberg, the Fed’s Barr and Treasury Undersecretary for Domestic Finance Nellie Liang are scheduled to testify at a Senate hearing.
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