that they expect them to testify before the panel, saying in a letter to each: “you must answer for the bank's downfall.”
Both CEOs had indicated to the committee they would be unable to attend Tuesday's hearing, according to the letter. But the senators said they believe the CEOs can testify to Congress without disclosing confidential information. Nor would the executives need to hand over bank records and files to provide informative testimony, they said.
Silicon Valley Bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid fears about the bank’s health. It was the second-largest bank collapse in U.S. history. Regulators convened over the following weekend and announced that New York-based Signature Bank also had failed. They said that all depositors at both banks, including those holding uninsured funds, those exceeding $250,000, would beSen.
Source: Financial Digest (financialdigest.net)
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