“The House Financial Services Committee will use its oversight authority to get to the bottom of what led to the failure of these banks,” said Rep. Patrick McHenry, head of the committee.
The head of the House Financial Services Committee said Wednesday that his panel “has a very important role to play” discovering what went wrong at Silicon Valley Bank and Signature Bank in the leadup to the failures of those institutions earlier this month.
“The House Financial Services Committee will use its oversight authority to get to the bottom of what led to the failure of these banks,” The North Carolina Republican said. McHenry and the top Democrat on the financial services panel, Rep. Maxine Waters of California, announced a bipartisan hearing next Wednesday, featuring Federal Deposit Insurance Corp. Chair Martin Gruenberg, Federal Reserve Vice Chair of Supervision Michael Barr and Treasury Under Secretary for Domestic Finance Nellie Liang.
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