Congress will hold its first bipartisan hearing with top federal financial regulators into the failure of Silicon Valley Bank (SVB) and Signature Bank at the end of the month, the House Financial Services Committee announced Friday.
Martin Gruenberg, chairman of banking regulator the Federal Deposit Insurance Corporation (FDIC), and Michael Barr, vice chair for supervision of the Federal Reserve, have been summoned to testify, with the first hearing scheduled for March 29.
In a joint statement, committee Chairman Patrick McHenry (R-N.C.) and Ranking Member Maxine Waters (D-Calif.) declared they’re determined to conduct the hearing “without fear or favor” and to deliver answers to the American people about the banks’ collapse, which has the potential to escalate into a more significant banking crisis….