March 21, 2023

Brown Announces Hearing on Silicon Valley Bank Collapse

WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, announced the first of several hearings on the collapse of Silicon Valley Bank and Signature Bank. 

“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, including the CEOs,” said Brown. “The American public deserves answers, which is why I am calling on our financial regulators to testify before the Banking and Housing Committee at a hearing on March 28. My job is oversight, and we need to begin these hearings to understand these bank failures and next steps to make sure this never happens again.”

The first of several hearings will feature Martin Gruenberg, Chair of the Federal Deposit Insurance Corporation (FDIC), Michael Barr, Vice Chair of Supervision at the Federal Reserve, and Nellie Liang, Under Secretary for Domestic Finance at the U.S. Treasury Department.

Last week, Brown pushed to hold Wall Street & Silicon Valley executives accountable in a statement after the Biden Administration announced new accountability measures for executives of failed big banks. Brown also sent a letter to the financial regulators requesting a full review of the Silicon Valley Bank collapse.