The Senate Banking Committee announced that it will hold a hearing this week in the wake of the failure of First Republic Bank, which was acquired Monday by JPMorgan Chase.
Chair Sherrod Brown, D-Ohio, announced that the panel will meet Thursday at 10 a.m. for a hearing titled "Holding Executives Accountable After Recent Bank Failures." As of Tuesday, the witness list does not include any of the executives from failed banks, although several financial services experts are expected to testify.
"First Republic Bank’s risky behavior, unique business model, and management failures led to significant problems, and it’s clear we need stronger guardrails in place," Brown said in a statement Monday following First Republic’s acquisition by JPMorgan Chase. He added that Congress "must make large banks more resilient against failure so that we protect financial stability and ensure competition in the long run" and said that he will "hold irresponsible bank executives accountable."
Senator Sherrod Brown, a Democrat from Ohio and chairman of the Senate Banking, Housing, and Urban Affairs Committee, announced a hearing on recent banking failures that will be held Thursday, May 4, 2023.since March when regional lenders Silicon Valley Bank and Signature became distressed and failed after they were unable to address the liquidity risks they had accumulated and cope with rising interest rates.
Both had high rates of uninsured deposits above the Federal Deposit Insurance Corporation threshold of $250,000 per depositor, which left them vulnerable to deposit flight as the
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