Sens. Sherrod Brown and Tim Scott said the former CEOs of the fallen banks should 'answer for' their banks' 'downfall' in Senate testimony.
Both Becker and DePaolo indicated they were unable to attend a March 28 Banking Committee hearing on the firms' failure, according to the letters. Brown and Scott urged the two former executives to answer the panel's questions "at a future date."
Federal Deposit Insurance Corporation Chairman Martin Gruenberg, Federal Reserve Vice Chair for Supervision Michael Barr, and Treasury Under Secretary for Domestic Finance Nellie Liang are scheduled to testify at the Senate hearing. Barr is leading the Fed's internal review of the bank failures.
"As the CEO of SVB at the time of its collapse, your testimony on the bank's corporate governance, risk management, rapid growth, and client industry and sector concentration, as well as the overwhelming proportion of uninsured depositors and the payment of bonuses in the hours leading up to the seizure of the bank by regulators, would address several important matters the Committee needs to understand," the senators wrote.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank's political blame gameDemocrats and Republicans both are furious with Silicon Valley Bank, and the SVB executives whose lax risk management sent the entire banking sector into turmoil.
Read more »
First Republic's future to be discussed as major bank CEOs gather, sources sayMajor bank chief executives are gathering in Washington for a two-day scheduled meeting starting on Tuesday, with the future of First Republic Bank to be discussed, sources familiar with the matter said.
Read more »
Curbing Bad Behavior of Bank CEOs Isn't as Hard as They Make It SeemDodd-Frank includes Wall Street pay restrictions that could've held executives like SVB's Greg Becker accountable for their dangerous short-sightedness. But regulators consistently fail to implement this part of the law.
Read more »
First Republic's future to be discussed as major bank CEOs meet, sources sayMajor bank chief executives are gathering in Washington for a two-day scheduled meeting starting on Tuesday, with the future of First Republic Bank to be discussed, sources familiar with the matter said.
Read more »
Poll: No sign of populist backlash against Biden after Silicon Valley Bank collapseDespite Republican criticism of the recent collapse of Silicon Valley Bank, a new Yahoo News/YouGov poll finds no sign of populist backlash to the Biden Administration's response.
Read more »
Silicon Valley Bank bailout: Yay or nay?: LettersYes, we should cover SVB We have laws for a reason, and they should be followed.The depositors are smart people, and they knew the amount of money in their accounts was over the limit…
Read more »