Former executives from Silicon Valley Bank and Signature Bank testified before the Senate Banking Committee on their management of events leading up to the banks' closings.
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GAO Financial Markets and Community Investment Director Michael E. Clements testified on the findings from a GAO report on the regulatory and supervisory shortcomings related to the SVB and Signature Bank failures.
Senators Jon Tester (D-MT) and Elizabeth Warren (D-MA) ramped up pressure on top bank executives at recently failed banks.
The Congressional Research Service compared the existing Federal Reserve Bank discount window with the new FRB's Bank Term Funding Program being used in response to the failures of Silicon Valley Bank and Signature Bank.
Senate Banking Committee Chair Sherrod Brown asked Treasury Secretary Janet L. Yellen and the Financial Stability Oversight Council to examine the "full framework of regulations protecting depositors, consumers, and the U.S. financial system" in order to strengthen the financial system against current risk.