Congress has announced a hearing to take place on March 29th to investigate the shortcomings of SVB and Signature Bank.

Troy Hilpert
2 mins

The House Financial Services Committee is anticipating holding a series of hearings to gain a more in-depth understanding as to why the banks failed.

The United States House Financial Services Commission has announced a hearing to investigate the collapse of two major banks. Representatives from the Federal Deposit Insurance Corporation and Federal Reserve are set to testify at the hearing, in an effort to shed light on the causes of the banks' collapse. This announcement has been met with anticipation from Congress and the public, both of whom are eager to understand the reasons behind the banks' failure.

In a notice issued on March 17, U.S. Representatives Maxine Waters and Patrick McHenry have announced a hearing to take place on March 29 in order to address the failures of Silicon Valley Bank and Signature Bank. The hearing, in which both FDIC chair Martin Gruenberg and Fed vice chair for supervision Michael Barr are expected to appear before Congress, will provide federal financial regulators a platform to speak on the issue.

The House Financial Services Committee, chaired by Representatives Maxine Waters and Patrick McHenry, is taking action to get to the bottom of the recent failures of Silicon Valley Bank and Signature Bank. In response, the committee will hold a hearing to begin to understand why and how the banks failed. According to the committee, the hearing is the first step in getting to the bottom of the matter and will provide transparency to the public.

Attorney General William Barr is set to release a report on the Federal Reserve's oversight and regulation of Silicon Valley Bank. This comes after news that the Department of Justice and the Securities and Exchange Commission have launched their own investigations into some of the bank's executives for the alleged sale of stock in the weeks prior to the bank's closure. The report is expected to shed light on the extent of the Fed's supervision of the bank and the reasons for its sudden closure. The results of the investigations by the DOJ and SEC may also be included in the report.

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