On March 29, House Financial Services Committee Chairman Patrick McHenry, R-N.C., and ranking member Maxine Waters, D-Calif., plan to hold the first of “multiple” hearings on the failures of Silicon Valley Bank and Signature Bank.
Those testifying include Martin Gruenberg, chairman of the Federal Deposit Insurance Corp., Board of Directors, and Michael Barr, vice chair for Supervision at the Federal Reserve Board.
McHenry and Waters also sent a letter Monday to the Government and Accountability Office calling on the office to begin an “immediate” study and an investigation into the recent collapse of the two banks.
Specifically, “GAO should focus on examining the factors that led to potential mismanagement at Silicon Valley Bank and Signature Bank; the changing conditions and analyses that occurred between March 10 and 12; any regulatory, supervisory or examination failures in the Federal Reserve System (Fed) and the Federal Deposit Insurance Corporation (FDIC),” the lawmakers state in a letter.
“The competency and qualifications of supervisory management and personnel should be included in this review,” they added.