Prudential Regulators Testify Before HFSC and SBC 

On May 15, Michael Barr, Vice Chair of the Federal Reserve, Martin Gruenberg, Chair of the Federal Deposit Insurance Corporation, and Michael Hsu, Acting Comptroller of the Office of the Comptroller of the Currency testified in an oversight hearing before the House Financial Services Committee, followed by the Senate Banking Committee on May 16. Following the release of the independent report regarding pervasive workplace misconduct at the FDIC, Chairman Gruenberg faced backlash on his leadership for much of both hearings. Additionally, members on both sides also raised previously stated concerns about the agencies’ joint Basel III proposal and inquired about the likelihood of significant modifications or a full re-proposal, with Vice Chair Barr indicating that the Quantitative Impact Study on Basel would be released for comment “relatively soon”.

Watch the Hearing Here