Policy and regulation

Congress to Hear FDIC and Fed Reports on Bankruptcy of Silicon Valley and Signature Banks

Congress to Hear FDIC and Fed Reports on Silicon Valley and Signature Bankruptcies

The Financial Services Commission of the US House of Representatives has scheduled hearings for March 29, at which it is planned to find out the real reasons for the bankruptcy of Silicon Valley Bank and Signature Bank.

Human rights organization Blockchain Association with reference to the Freedom Act information, asked MPs to request information and hear reports from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System (FRS) on their role in the failure of Silicon Valley Bank (SVB) and Signature Bank.

Financial Services Commission Chairman Patrick McHenry said the group was "seeking to get to the bottom of bank failures." FDIC Chairman Martin Grunberg and Fed Vice Chairman for Oversight Michael Barr are expected to attend.)

Earlier, a joint regulatory statement said that the enforcement action against SVB and Signature was taken to "protect the US economy by building public confidence in the banking system." However, members of the association suggest that the actions of the regulators were deliberate and concerted.

In particular, Signature Bank board member Barney Frank (Barney Frank) accused the American regulators, who blocked the bank's activities, of actions aimed at discrediting the crypto industry.

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