Last week, Brown told reporters that new bank industry legislation is unlikely to emerge from Congress. "There are people who will introduce bills, but I cannot imagine with the hold that the banks have on Republicans in Congress that we could pass anything significant," Brown told reporters. Brown added that new regulatory actions were possible. The U.S. House of Representatives Financial Services Committee previously said it will hold a bipartisan hearing on the banks' collapse on March 29, with Barr and Gruenberg testifying again. (Reporting by Moira Warburton in Washington; editing by Jonathan Oatis)
(Adds further context)
By Moira Warburton
WASHINGTON, March 21 (Reuters) - The U.S. Senate Banking
Committee will hold the first of several hearings on the
collapse of Silicon Valley Bank and Signature Bank on March 28,
Democratic Chairman Sherrod Brown said on Tuesday.
The first hearing will hear from witnesses including Federal
Deposit Insurance Corporation Chair Martin Gruenberg, Federal
Reserve official Michael Barr, and Nellie Liang, an under
secretary at the U.S. Treasury Department, according to a
statement from Brown.
"It is critical that we get to the bottom of how Silicon
Valley Bank and Signature Bank collapsed so that we can maintain
a strong banking system, protect Americans' hard-earned money,
and hold those responsible accountable, including the CEOs,"
Brown said.
Silicon Valley Bank was taken over by federal regulators on
March 10, with Signature Bank following suit a few days later.
Multiple federal agencies - including the U.S. Department of
Justice and the Securities and Exchange Commission - are probing
SVB. Global banking markets have been skittish and investors
remain fearful of wider economic repercussions.
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