House Republicans Want Answers From Yellen, FDIC on Bank Failures
- McHenry, Hill want data on inability to sell failed banks
- Hearings next week cover Silicon Valley Bank, Signature Bank
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House Republicans asked Treasury Secretary Janet Yellen and FDIC Chair Martin Gruenberg for detailed answers on the failures of Silicon Valley Bank and Signature Bank, including on the efforts to sell the firms to private-sector buyers.
Financial Services Chair Patrick McHenry of North Carolina and Vice Chair French Hill of Arkansas want to know the process for evaluating bidders for the banks as well as the full rationale for invoking the systemic risk exception, which was used to backstop depositors.