Watch: Bank regulators testify before Senate after SVB and Signature failures
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Top regulators testified before the US Senate on Thursday, 18 May, on bank failures following the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this year.
Those giving evidence to the Senate Banking Committee included Michael Barr, vice chair for supervision at Federal Reserve and Chair of Federal Deposit Insurance Corp (FDIC) and Martin Gruenberg, chairman of the FDIC board of directors.
The testimonies come in the same week that SVB and Signature Bank executives were questioned by both Senate and House committees on the failings of the banks.
A bank run - where large numbers of customers withdraw their money over fears about a bank’s solvency - forced US regulators to take over SVB in March 2023.
This came just before the collapse of Signature Bank.
Earlier this week, executives were questioned on the events leading up to the banks’ closure.
On Thursday, the activities and decisions of federal and state regulators will be examined.
Click here to sign up for our newsletters.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments