The former top executives of two failed banks will testify before Congress this month as lawmakers dig into what caused a series of collapses at mid-sized financial institutions.
as lawmakers dig into what caused a series of collapses at mid-sized financial institutions.
The committee, which is chaired by Sen. Sherrod Brown, an Ohio Democrat, will also hold two other hearings this month on the collapse of the banks. Several industry experts will testify at a hearing on Thursday. Then on May 18, Michael Barr, the Federal Reserve's chief regulator, and Martin Gruenberg, chairman of the Federal Deposit Insurance Corp., will testify.
Barr issued a report last month that blamed Silicon Valley Bank’s collapse on poor management, watered-down regulations and lax oversight by Fed staffers. It called for the industry to do a better job policing on multiple fronts to prevent future bank failures.
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