Republicans Demand Review of FDIC, Fed in Recent Bank Failures

On March 20, Tim Scott (R-SC), Ranking Member of the Senate Banking Committee and Patrick McHenry (R-NC), Chair of the House Financial Services Committee, submitted joint letters to the Fed and the Federal Depository Insurance Corporation (FDIC) asserting that the collapse of Silicon Valley Bank (SVB) and Signature Bank were the result of incompetence within the regulators and requesting the names and dates of all Fed and FDIC employees’ supervisory activities of the banks for the last two years to be delivered to them within 11 days. Additionally, on March 28 and 29, the Senate Banking Committee and the House Financial Services Committee will hold hearings on the recent bank failures and the federal regulatory response.

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