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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.
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)
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