Watch: Bank regulators testify before Senate after SVB and Signature failures

Top regulators testified before the US Senate on Thursday, 18 May, on bank failures following the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this year.

Those giving evidence to the Senate Banking Committee included Michael Barr, vice chair for supervision at Federal Reserve and Chair of Federal Deposit Insurance Corp (FDIC) and Martin Gruenberg, chairman of the FDIC board of directors.

The testimonies come in the same week that SVB and Signature Bank executives were questioned by both Senate and House committees on the failings of the banks.

A bank run - where large numbers of customers withdraw their money over fears about a bank’s solvency - forced US regulators to take over SVB in March 2023.

This came just before the collapse of Signature Bank.

Earlier this week, executives were questioned on the events leading up to the banks’ closure.

On Thursday, the activities and decisions of federal and state regulators will be examined.

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