WATCH LIVE 10 am: Top officials and banking regulators are set to appear before the BankingGOP 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, 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.
Additionally, Sen. Sherrod Brown 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.
The panel on Tuesday will include testimony from Michael Barr, the Fed's vice chairman for supervision; Nellie Liang; under secretary for domestic finance for the Treasury; and Martin Gruenberg, chairman of the FDIC. The hearing is scheduled to begin at 10 a.m.
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