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On Tuesday, Michael Barr will testify to law makers about the Federal Reserve's findings so far in their investigation of Silicon Valley Bank's failure.
First Citizens BancShares, a family-run bank in North Carolina that traces its history to the late 1800s, will acquire Silicon Valley Bank, the California lender founded in the 1980s at the center of the technology industry, whose rapid growth and sudden collapse this month sent shock waves across the financial sector.
From Bloomberg: 'My job is to do oversight — not to rush this, but not to delay it either,' Senate Banking Committee chairman Sherrod Brown, a Democrat from Ohio, said at an American Bankers Association conference last week.
This week’s hearings on the failures of Silicon Valley Bank and Signature Bank are expected to be the first of many, in what’s set to be a long, drawn-out debate over legislative fixes.