'We need competent financial supervisors. But Congress can't legislate competence,' House Financial Services chairman Rep. Patrick McHenry told regulators.
The committee's ranking member, Rep. Maxine Waters, D-Calif., questioned whether the repeated warnings regulators delivered to SVB about its balance sheet and long-term interest risks were sufficient.
McHenry slammed the panel for a lack of transparency over that fateful weekend when the three regulators hastily arranged backup financing to ensure depositors at the two banks wouldn't lose any money in their collapse.
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Covering collapse of SVB could cost $20 billion, FDIC chairman to tell CongressThe FDIC estimates the cost to the Deposit Insurance Fund to cover the collapse of Silicon Valley Bank is $20 billion — including $18 billion to cover uninsured deposits, according to the chairman of the FDIC, Martin Gruenberg.
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Top U.S. bank regulators to face hot seat in Congress following SVB collapseFed Vice Chair Michael Barr is expected to tell Congress on Tuesday that regulators issued warnings over Silicon Valley Bank’s risk management practices as early as 2021. Here are more issues to watch during this week’s hearings.
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Opinion | What Congress Should Ask Regulators in SVB’s AftermathFrom WSJopinion: We can learn much from this SVB episode, but not if we move heedlessly in reaction to the loudest, most partisan voices, writes Randal K. Quarles
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Fed raised concerns over SVB risk management as early as 2021, Michael Barr says“SVB failed because the bank’s management did not effectively manage its interest rate and liquidity risk and the bank then suffered a devastating and unexpected run by its uninsured depositors,” Fed Vice Chair Michael Barr will tell Congress Tuesday.
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Stock market news today: Regional banks rally on SVB dealUS stocks rise as Silicon Valley Bank deal pushes regional lenders higher
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