WASHINGTON — Congress held a whirlwind of hearings in the recently connected to the failures of Silicon Valley Bank, Signature Bank and First Republic, leaving legislators and policy watchers absorbing a stack of brand-new info about the chaos still dealing with local banks.
Lawmakers — for the very first time — heard openly from executives of the 3 stopped working banks, and questioned regulators about their functions in managing and loosening up those organizations. While Congress got statement from Federal Deposit Insurance Corp. Chairman Martin Gruenberg and Federal Reserve Vice Chairman for Supervision Michael Barr simply weeks prior to, this is the very first time legislators have actually had the ability to ask particular concerns about the prolonged reports the 2 firms put out on Signature Bank and Silicon Valley Bank, respectively.
While legislators, regulators and executives covered familiar ground throughout the hearings, some actionable threads started to emerge around executive payment for stopped working banks and more examination into source of the banks’ failures. A bipartisan set of senators contacted the Biden administration to put an independent examination into the failures in movement.
Here’s 4 threads to enjoy as the regulative procedure around the bank failures gains steam:
