(Watch Live) Top Regulators Testify on Recent Bank Collapses
Top officials and banking regulators are set to appear before the Senate Banking Committee on Tuesday morning to testify about a string of recent banking failures that led to the collapse of Silicon Valley Bank and Signature Bank earlier this month.
The committee will hear from senior officials at the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation as they grill the financial experts on what regulators did (or didn’t do) to prevent the banking failures. The hearing is the first of several as lawmakers seek to determine the cause of the banking failures and consider measures to prevent future shortcomings.
SVB COLLAPSE: SHERROD BROWN PRESSES FEDERAL GOVERNMENT TO STRENGTHEN BANKING REGULATIONS
Lawmakers have already begun pressing for answers on the banking failures, with senators on the Senate Finance Committee questioning Treasury Secretary Janet Yellen on the matter during a separate hearing on her department’s proposed budget for 2024 last week.
Additionally, Sen. Sherrod Brown (D‑OH) sent a letter to the Treasury, the Fed, and the FDIC, urging the government agencies to conduct a comprehensive review of the bank’s collapse that led to a strain on the nation’s financial system. As part of that request, Brown pressed the agency to implement stronger banking regulations “to prevent failures and mitigate contagion.”
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The hearing comes as lawmakers on both sides of the aisle seek to address the collapse of SVB and Signa …