Hearings this week will examine the collapses of Silicon Valley Bank and Signature Bank and the government’s response.
Gruenberg said the banking system “remains sound” despite this month’s shock. But it is too soon to tell how much the broader economy will be affected.“[T]he financial system continues to face significant downside risks from the effects of inflation, rising market interest rates, and continuing geopolitical uncertainties,” Gruenberg wrote in his prepared testimony.
SVB’s internal controls also couldn’t keep up with the bank’s gangbuster growth. Supervisors cited the bank repeatedly from the end of 2021 untilThat collapse threatened to be the first of many more. “We have used important tools to act quickly to prevent contagion,” Liang will tell lawmakers. “And they are tools we would use again if warranted to ensure that Americans’ deposits are safe.”
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