3/23, 2:32 PM (Source: TeleTrader)
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Senate panel invites failed banks' ex-CEOs to testify

The United States Senate Banking Committee on Thursday invited former chief executive officers of Silicon Valley Bank (SVB) and Signature Bank to testify at the banks' collapse hearing scheduled for March 28.

"Your testimony would provide substantial information relevant to SVB's failure and could be provided without necessarily disclosing confidential supervisory information," senator and chairman of the panel, Sherrod Brown, wrote in a letter addressed to SVB's ex chief executive Gregory Becker.

The senator told Becker and the former CEO of the New York-based bank, Joseph DePaolo, that as former leaders of the banks, they must "answer for the banks' downfall."

Baha Breaking News (BBN) / AB