Oversight of Silicon Valley Bank and Signature Bank: GAO’s Preliminary Review (EventID=115875)

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Connect with the House Financial Services Committee Get the latest news: https://democrats-financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinanci... Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ On Thursday, May 11, 2023, at 10:00 a.m. (ET) Subcommittee on Oversight and Investigations Chair Huizenga and Ranking Member Green will host a hearing entitled, “Oversight of Silicon Valley Bank and Signature Bank: GAO’s Preliminary Review." ___________________________________ Witness for this one-panel hearing will be: • Michael Clements, Director, Financial Markets and Community Investment, Government Accountability Office ___________________________________ Background: Government Accountability Office On March 17, 2023, Financial Services Committee Chairman McHenry and Ranking Member Waters requested the Government Accountability Office (GAO) begin an evaluation and investigation over the Silicon Valley Bank and Signature Bank failures. On April 28, 2023, the GAO released a report on the Federal Reserve System’s and the Federal Deposit Insurance Corporation’s supervision of Silicon Valley Bank and Signature Bank. The report focused on the factors that contributed to the failures, supervisory actions taken by regulators, the basis for invoking the systemic risk exception made by the Treasury Secretary, Janet Yellen , and factors the Federal Reserve and Treasury considered for the Bank Term Funding Program. The GAO plans to further explore these issues in its upcoming work. Hearing page: https://democrats-financialservices.house.gov/events/eventsingle.aspx?EventID=410401