U.S. House of Representatives Committee on Oversight and Government Reform
05/18/2023 | Press release | Distributed by Public on 05/18/2023 14:32
McClain to Hold Hearing on SF Fed’s Failure to Heed Risks at Silicon Valley Bank
Press ReleasePublished: May 18, 2023
McClain to Hold Hearing on SF Fed's Failure to Heed Risks at Silicon Valley Bank
WASHINGTON-Subcommittee on Health Care and Financial Services Chairwoman Lisa McClain (R-Mich.) today announced a hearing titled "A Failure of Supervision: Bank Failures and the San Francisco Federal Reserve." The hearing will examine the circumstances that led to the Silicon Valley Bank's (SVB) collapse and investigate the San Francisco Federal Reserve's oversight of SVB to determine whether any factors impacted its enforcement of regulations.
"The San Francisco Federal Reserve failed to do its job to regulate the Silicon Valley Bank, resulting in the second-worst bank failure in U.S. history and threatening an all-out panic in our banking systems. It is unacceptable that the SF Fed failed to act despite clear signs of risk at the SVB. We are going to take a close look at the factors that led to the SF Fed's failed supervision and hold actors accountable," said Subcommittee Chairwoman McClain.
WHAT: Hearing titled "A Failure of Supervision: Bank Failures and the San Francisco Federal Reserve"
DATE: Wednesday, May 24, 2023
TIME: 2:00 PM ET
LOCATION: 2154 Rayburn House Office Building
WITNESSES:
- Jeremy Newell, Senior Fellow, Bank Policy Institute & Founder and Principal, Newell Law Office, PLLC
- Michael E. Clements, Director, Financial Markets and Community Investment, U.S. Government Accountability Office
READ MORE: Comer, McClain Open Investigation into SF Fed's Role in Silicon Valley Bank Collapse
The hearing will be open to the public and press and will be livestreamed online at https://oversight.house.gov/.