Oversight of Prudential Regulators (EventID=115922)

Video Description

Connect with the House Financial Services Committee Get the latest news: https://democrats-financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinancialCmte Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ On Tuesday, May 16, 2023, at 10:00 a.m. (ET) full Committee Chairman McHenry and Ranking Member Waters will host a hearing entitled, “Oversight of Prudential Regulators." ___________________________________ Witnesses for this one-panel hearing will be: • The Honorable Michael Barr, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System • The Honorable Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation • The Honorable Todd Harper, Chairman, National Credit Union Administration • The Honorable Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency ___________________________________ Background Section 1108 of the Dodd-Frank Wall Street Reform and Consumer Protection (Dodd-Frank) Act created the position of Vice Chairman for Supervision for the Federal Reserve Board (Federal Reserve) and requires the Vice Chairman to testify before the Committee at semiannual hearings. The Federal Reserve Supervision and Regulation Report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, and is issued in conjunction with the Vice Chairman’s semiannual testimony before Congress. The Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA) do not have similar statutory testimony requirements but have been invited as well. This hearing will examine supervisory and regulatory developments, rulemakings, and activities the agencies have undertaken in the period since the last hearing on November 16, 2022. This hearing follows the March 29, 2023, testimony of both Federal Reserve Board Vice Chairman Barr and FDIC Chairman Gruenberg regarding the failures of both Silicon Valley Bank (SVB) and Signature Bank. Subsequent to that testimony, the Federal Reserve Board released a report on supervision and regulation of SVB, led by Vice Chairman Barr, and the FDIC released a report on FDIC’s supervision of Signature Bank. The FDIC also released a report on policy options for reforming deposit insurance. Links to the respective reports are below. “Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank,” Board of Governors of the Federal Reserve System, April 28, 2023, with cover letter by Vice Chair Barr, available at https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf . “FDIC’s Supervision of Signature Bank,” Federal Deposit Insurance Corporation, April 28, 2023, available at https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf . “Options for Deposit Insurance Reform,” Federal Deposit Insurance Corporation, May 1, 2023, available at https://www.fdic.gov/analysis/options-deposit-insurance-reforms/report/optionsdeposit-insurance-reform-full.pdf . Hearing page: https://democrats-financialservices.house.gov/events/eventsingle.aspx?EventID=410426