I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister bar testified before this committee there
This hearing is just under four hours. I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister ba
Housing, in urban affairs will come to order. The days after the run on Silicon Valley bank, when it was close by the california banking regulators and taken over by the fdic many in washington, new york, in california asked, how did this bank and Signature Bank, soon after, failed so spectacularly . Was it the regulators falling down on the job . Was it new technology . The first social media fueled bank ran . How on earth could this happen . In ohio, the, no one is surprised by the hubris of coastal Bank Executives. The old adage has become cliche because it is so often true. The simplest explanation is best. It is first and foremost the bankers fault that the banks crashed. We know that federal and state banking officials repeatedly told managers and directors of your banks where there were problems, big problems the kind of problems you cant ignore. The tiny you have to start fixing right away. Bank executives did not listen. That is a well documented fact Silicon Valley banking si
let s go to kelly o grady on why this is so different. kelly? well, great to see you, neil. yeah, when i woke up this morning and i heard that j.p. morgan chase had taken over first republic, it reminded of 2008 when you saw them take over bear stearns, when you saw them take over washington mutual. one of the key take-aways, the big bank banks keep getting bigger. j.p. morgan won out on a competitive bidding process. they re taking over all deposits. the bank will also make a 10.6 million payment to the fdic as part of this takeover. they were operating as usual today. the one that i m at, folks were coming in and out, checking their accounts. the president said he feels like the banking system is going to be okay. listen to this. regulators have taken action to facilitate the sale of first republic bank and ensure that all depositors are protected and the taxpayers are not on the hook. these actions are going to make sure that the banking system is safe and sounds. ma
Time. The audio right here tonight. But first tonight the uss carney taking down three Cruise Missiles and several drones along the red sea. The missiles launched from yemen in the direction of israel. The u. S. Increasing its firepower in the region. President bidens address to the nation from the Oval Office Just moments ago on israel and ukraine making the case for americas role. Also tonight the attacks against u. S. Bases in iraq and syria in the past 24 hours as concern throughout the region grows. Martha raddatz standing by in tel aviv. Tonight israel signaling its ground war into gaza may be imminent. The Israeli Defense minister telling troops theyll soon see gaza, quote, from the inside. Ian pannell in israel on whats expected, what we know so far. Tonight, growing fear for the more than 200 hostages taken by hamas. And now the heartbreaking call. A grandmother and granddaughter found dead on the border with gaza. Three other Family Members still missing. Tonight our Britt Cl