The Senate Banking Committee is slated to hold its first hearing into the collapse of Silicon Valley Bank and Signature Bank.
The hearing, led by Chair Sherrod Brown, D-Ohio, will feature FDIC Chair Martin Gruenberg, Federal Reserve Board of Governors Vice Chair for Supervision Michael Barr, and Treasury Department Undersecretary for Domestic Finance Nellie Liang.
"We’re left with many questions — and a lot of justified anger —toward bank executives and boards, venture capitalists, federal and state bank regulators and policymakers," Brown will say in his opening statement, according to prepared remarks.
Republicans on the panel have put an emphasis on regulators, questioning whether they had more tools to stave off SVB's collapse and why they didn't act to prevent it from reaching the brink. “We need the regulations that are on the books to actually be enforced. The regulators failed here,” said Sen. Katie Britt, R-Ala, in an interview. “There were tons of red flags, and I want answers as to why they looked the other way. I mean, sheer indicators show that they didn’t do their job. So this is mismanagement on their part.”SVB's collapse was followed by the failure of New York-based Signature Bank. In the weeks since, the banking sector has sought to restore confidence.
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