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Home committee calls Fed, FDIC officers to testify in its first listening to on financial institution failures

Bloomberg | Bloomberg | Getty Photographs

WASHINGTON — The Home Monetary Providers Committee on Friday introduced its first listening to on the failures of Silicon Valley Financial institution and Signature Financial institution.

Martin J. Gruenberg, chairman of the FDIC board of administrators, and Michael S. Barr, vice chair for supervision for the Federal Reserve board of governors, are scheduled to testify on the March 29 listening to. Extra witnesses could also be added, the committee stated in an announcement.

The announcement follows President Joe Biden’s request to Congress on Friday to permit monetary regulators extra authority to claw again compensation from executives at failed banks.

The Federal Deposit Insurance coverage Company seized SVB’s deposits March 10 hours after the financial institution’s executives obtained bonuses. Regulators shut down cryptocurrency-focused Signature Financial institution on Sunday to stem a systemic threat.

Committee Chairman Patrick McHenry, R-N.C., and Rating Member Maxine Waters, D-Calif., stated Home Monetary Providers is “dedicated to attending to the underside of the failures” of the banks.

“This listening to will permit us to start to grasp why and the way these banks failed,” the lawmakers stated. “As Chairman and Rating Member, we take our oversight duties significantly. We’re working across the clock to ship solutions to the American folks as a way to defend depositors, promote the security and soundness of America’s banks, and strengthen our monetary system. We’ll conduct this listening to with out worry or favor to get the solutions the American folks deserve.”

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