Former CEOs of failed banks to testify before Senate panel
1 year, 7 months ago

Former CEOs of failed banks to testify before Senate panel

Associated Press  

WASHINGTON — 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. The Senate Banking Committee indicated Tuesday that it will hold a hearing May 16 with Silicon Valley Bank’s former CEO, Gregory Becker, as well as Signature Bank’s former chairman and co-founder, Scott Shay, and its former president, Eric Howell. The Fed board was the primary regulator for Silicon Valley Bank in California, while the FDIC was the primary federal regulator for Signature Bank in New York. 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. Brown, alongside the Senate Banking Committee’s top Republican, Sen. Tim Scott, sent a letter in March to executives at Silicon Valley Bank and Signature Bank telling them that they would be expected to testify and warning “you must answer for the bank’s downfall.”

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