The House is set to hold its first hearing on SVB's collapse, marking a significant step toward addressing the financial crisis. FinancialCmte will hold a hearing March 29 to question federal financial regulators on their response to the bank collapse.
The House Committee on Financial Services will hold a hearing on March 29 to question federal financial regulators on their response to the bank collapse, lawmakers announced on Friday. The hearing is expected to be the first of several as lawmakers seek to determine the cause of the banking failures and consider measures to prevent future shortcomings.
Lawmakers have already begun pressing for answers on the banking failures, with senators on the Finance Committee questioning Treasury Secretary Janet Yellen on the matter during a separate hearing on her department’s proposed budget for 2024. The hearing comes as lawmakers on both sides of the aisle seek to address the collapse of SVB and Signature Bank, which prompted a frenzy and strain on the national stock market late last week.
Warren’s legislation specifically targets a Title IV provision that raised the asset threshold to $250 billion for banks to be regulated as “systemically important.” That rollback, Warren argued, led to the deregulation and subsequent collapse of SVB and Signature Bank, prompting the frenzy and strain on the stock market.
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SVB Financial, former parent of Silicon Valley Bank, files for bankruptcyThe bankruptcy comes days after its bank was shut down and taken over by regulators amid a solvency crisis.
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