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March 29, 2023

Senate Banking Committee questions regulators on recent bank failures and federal rescue efforts

Barr, Gruenberg suggest tougher regulations coming for banks with >$100 billion in assets; Republicans fault Fed, FDIC for not catching SVB's problems, calling new rules unnecessary

The Senate Banking Committee on March 28, held a hearing on "Recent Bank Failures and the Federal Regulatory Response." The hearing concerned the recent failure and federal rescue of Silicon Valley Bank in California and Signature Bank in New York. The witnesses were Michael Barr, Vice Chair for Supervision, Federal Reserve Board of Governors; FDIC Chairman Martin Gruenberg; and Nellie Liang, Treasury Undersecretary for Domestic Finance.

Materials from the hearing are posted here.

Additional information is also available in the attached Tax Alert.


Contact Information
For additional information concerning this Alert, please contact:
Washington Council Ernst & Young
   • Will Heyniger (
   • Bob Schellhas (


Senate Banking questions SVB regulators