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March 31, 2023

House Financial Services Committee questions regulators on failures of Silicon Valley Bank, Signature Bank

Republicans fault lack of transparency around rescue actions, seek confidential data; Barr defers many answers to postmortem in May

The House Financial Services Committee on March 29, held a hearing on "The Federal Regulators' Response to Recent Bank Failures." 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. The same group had testified on these matters at the Senate Banking Committee on March 28.

Materials from the House 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 (


House Financial Services Committee hearing on bank failures