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.
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. read more
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.
Our Standards: The Thomson Reuters Trust Principles.
The Indian rupee was expected to rise against the U.S. dollar on Thursday, after the U.S. Federal Reserve hiked rates by 25 basis points and signalled it was closer to the end of its tightening cycle amid turmoil in the financial markets.
South Korea's financial firms are facing little contagion risk from troubles at U.S. and Swiss banks, but some non-bank firms may have to contend with increased stress from the sluggish property market, the country's central bank said in a report.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved