US Lawmakers Grill Bank Regulators Over SVB Collapse and Possible Tougher Rules.
Lawmakers in the House Financial Services Committee grilled top U.S. bank regulators over their competency and questioned whether examiners were asleep at the wheel during a second day of congressional hearings this week about the collapse of Silicon Valley Bank and Signature Bank. The regulators were criticized for their lack of transparency and for not taking action when they had clear knowledge of insufficient risk management. The question of what records would be given to Congress came up repeatedly in the contentious hearing. Senators also introduced bipartisan legislation that would require federal regulators to claw back all or part of compensation earned by bank executives in the five-year period preceding a banking failure.