Banking Regulators to Face Congress Over SVB, Signature Bank Collapse

The exterior of the U.S. Capitol building at sunrise in Washington on Feb. 8, 2021. Sarah Silbiger/Getty Images

Congress will hold its first bipartisan hearing with top federal financial regulators into the failure of Silicon Valley Bank (SVB) and Signature Bank at the end of the month, the House Financial Services Committee announced Friday.

Martin Gruenberg, chairman of banking regulator the Federal Deposit Insurance Corporation (FDIC), and Michael Barr, vice chair for supervision of the Federal Reserve, have been summoned to testify, with the first hearing scheduled for March 29.