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Both the Senate Banking Committee and the House Financial Services Committee have announced hearings on the banking troubles which were started with the collapse of Silicon Valley Bank (SVB).  The Senate kicks off the sessions next Tuesday, March 28, and the House is the next day.

Both hearings are currently scheduled to have the same panel of witnesses: Martin Gruenberg, Chair of the FDIC, Michael Barr, Fed Vice Chair for Supervision, and Nellie Liang, Under Secretary of Treasury for Domestic Finance. These types of hearings always pose some degree of headline risk.

At his press conference after the FOMC meeting, Fed Chair Powell made clear that Vice Chair Barr has broad discretion to look into the problems of SVB and other institutions that needed help.  Powell said that some of the problems at SVB had been identified by regulators, but there was no explanation of why stronger action wasn’t taken.  This will obviously be a focus of next week’s hearings.


The Fed was generally expected to raise rates by 25bps at this week’s FOMC meeting.  Putting this in context, it was just ten days ago that Chair Powell testified before the House and Senate with a very hawkish message and put a 50bps increase on the table.  More importantly, the C...

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