The US House of Representatives panel plans to hold its first hearing on the collapse of SVB and Signature on March 29
According to reports, Patrick McHenry, the chairman of the Financial Services Committee of the United States House of Representatives, a Republican from North Carolina, and Maxine Waters, a Democratic leader from California, stated in a joint statement on Friday that the House team plans to hold its first hearing on the collapse of Silicon Valley Bank (SVB) and Signature Bank on March 29, committed to “identifying the root causes of failure.”, Witnesses present will include Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation (FDIC), and Michael Barr, Vice Chairman of the Federal Reserve for Regulation. “The hearing will allow us to begin to understand the reasons and ways in which these banks have failed,” the statement said.
Interpretation of this information:
The Financial Services Committee of the United States House of Representatives, chaired by Republican Patrick McHenry and led by Democrat Maxine Waters, is set to hold its first hearing on the collapse of two banks – Silicon Valley Bank and Signature Bank. The hearing is scheduled for March 29 and aims to “identify the root causes of failure”. Both the Federal Reserve and the Federal Deposit Insurance Corporation will be represented at the hearing through testimony from their respective Chair and Vice Chairman. The statement expresses the need to understand how and why these banks failed.
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