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Senate Banking Committee Chairman Sherrod Brown, D-Ohio, said Tuesday that he’s planning a hearing on this week’s collapse of two multi-billion dollar banks.
Silicon Valley Bank, the sixteenth-largest bank in the U.S., was shut down by regulators following a rush of investors withdrawing funds, driven by concerns over the bank’s solvency. A short while later, the crypo-focused Signature Bank was shut down in New York in a bid to stave off the potential beginning of another financial crisis.
Members of Congress were briefed on the matter over the weekend, and some again on Monday afternoon. Since then, multiple investigations have been opened into the collapses. The spotlight is now on Brown’s committee to lead the Senate’s response.
“We’ll do a hearing as soon as we can get things together and get the witnesses. We want to make it a good hearing,” the Democrat told reporters in response to a question by Fox News Digital.
SENATE BANKING REPUBLICANS WARY OF BIDEN OFFICIALS’ HANDLING OF SVB COLLAPSE: ‘ASLEEP AT THE WHEEL’
WASHINGTON, DC – MARCH 14: Senate Banking Committee chairman Sen. Sherrod Brown (D-OH) speaks to reporters in the Senate subway on his way to a vote at the U.S. Capitol March 14, 2023 (Photo by Drew Angerer/Getty Images)
Brown did not share a specific timeline but indicated that discussions were ongoing over whether lawmakers will seek testimony from the leaders of the failed banks or from Biden administration officials.
“I’m not sure if we invite bank executives or just the regulators, we haven’t decided,” Brown said.
Sen. Tina Smith, a Democrat on the panel, told Fox News Digital, “potentially yes” when asked if she would want to hear from the bank CEOs at a future prospective committee hearing.
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A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on…
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