3/21, 8:33 PM (Source: TeleTrader)
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Senate panel hearing on SVB collapse on March 28

The United States Senate Committee on Banking, Housing, and Urban Affairs announced on Tuesday it is going to have its first hearing on the collapse of Silicon Valley Bank (SVB) and Signature Bank on March 28.

"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," the Committee Chair, Senator from Ohio Sherrod Brown, said in a written statement. "The American public deserves answers ... we need to begin these hearings to understand these bank failures and next steps to make sure this never happens again."

Brown added that the commission at the hearing will feature, in addition to himself, Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, Federal Reserve Vice Chair of Supervision Michael Barr, and Treasury Department Under Secretary for Domestic Finance Nellie Liang.

Baha Breaking News (BBN) / JR