Lawmakers are expected to put top U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress on Tuesday.
Top regulatory officials for the Federal Reserve, Federal Deposit Insurance Corporation and Treasury Department are testifying before congressional committees on the swift collapse of the two banks earlier this month, which set off a broader loss of investor confidence in the banking sector.their rules and procedures after the twin failures while insisting the overall system remains sound.
"But we also expect substance as lawmakers press the officials on what went wrong at these banks and what the message should be for uninsured depositors." "It's very clear that the regulators had the authority to do their jobs, to supervise. They just didn't," said Sen. Tim Scott of South Carolina, the top Republican on the Senate Banking Committee, at a banking industry conference last week.
"The officials sitting before us today know that their predecessors rolled back protections," said Senate Banking Committee Chairman Sherrod Brown, a Democrat from Ohio, in his prepared opening statement. The hearing is expected to be the first of several. The House Financial Services Committee will hear from the same regulators Wednesday, and congressional leaders have already said they want to question former CEOs of the two banks on what went wrong.found a buyer
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