Failed bank executives, regulators to testify before Senate panel

[May 03, 2023]   By Pete Schroeder
 
(Reuters) - The U.S. Senate Banking Committee said on Tuesday it would hear from former top officials at the failed Silicon Valley Bank and Signature Bank, as well as top U.S. banking regulators at separate hearings later this month.  

Federal Reserve Board Vice Chair for Supervision Michael Barr and Federal Deposit Insurance Corporation Chairman Martin Gruenberg testify at a House Financial Services Committee hearing on the response to the recent bank failures of Silicon Valley Bank and Signature Bank, on Capitol Hill in Washington, U.S., March 29, 2023. REUTERS/Kevin Lamarque

Gregory Becker, the former CEO of Silicon Valley Bank, and Scott Shay and Eric Howell, former senior executives for Signature Bank, will appear on May 16. The hearing will mark the first time the former executives have spoken publicly since the March collapse of both firms, which helped set off broader turmoil in the banking sector. On Monday, regulators closed a third firm, First Republic, which then was sold to JP Morgan Chase.

In a separate hearing May 18, top regulators will testify, including Michael Barr, Vice Chair for Supervision at the Federal Reserve, and the Chairman of the Federal Deposit Insurance Corporation (FDIC) Martin Gruenberg, the committee said in a statement. The panel will also hear from top regulators for the states of New York and California, which helped oversee the two failed firms.

(Reporting by Pete Schroeder in Washington and Costas Pitas in Los Angeles; editing by Christian Schmollinger)

[© 2023 Thomson Reuters. All rights reserved.]

Copyright 2022 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.