Representatives from the Federal Reserve and Federal Deposit Insurance Corporation are set to testify before Congress later this month at a hearing about the failures of Silicon Valley Bank and Signature Bank.
FDIC Chairman Martin Gruenberg and Federal Reserve Vice Chair for Supervision Michael Barr are scheduled to attend the March 29 hearing as witnesses and answer questions about the banks' collapses.
The bipartisan hearing is expected to be the first of multiple hearings on the issue, according to House Financial Service Committee Chairman Patrick McHenry, R-N.C., and California Rep. Maxine Waters, the committee's top Democrat.
"This hearing will allow us to begin to get to the bottom of why these banks failed," McHenry and Waters said Friday in a joint statement.
Additional witnesses may be added as the hearing date approaches, McHenry and Waters said.
The Federal Reserve and FDIC did not immediately respond to requests for comment Friday afternoon.
The Fed said Monday that Barr will
The Senate Banking Committee has yet to schedule a hearing into the matter. Chairman Sherrod Brown, D-Ohio,
On Thursday, Treasury Secretary Janet Yellen became the first high-level administration official to testify before Congress after the failures set off a maelstrom across the banking industry. Yellen