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Senate Banking Committee Publishes Witness Testimonies Ahead Of SVB Hearing


The Senate Banking Committee has published witness testimonies from former executives of Silicon Valley Bank ahead of tomorrow's Congressional hearing on the collapse of the bank.

  • The hearing will take place tomorrow (May 16) at 10:00 ET 15:00 BST with testimony from Gregory Becker, former CEO of Silicon Valley Bank; Scott Shay, former Chairman and co-founder, Signature Bank; and Eric Howell, former President, Signature Bank.
  • Hearing website and livestream: LINK
  • Becker: "I do not believe that any bank could survive a bank run of that velocity and magnitude, which was far beyond historical precedents." Becker testimony: LINK
  • Shay: "Although I believed that the bank was in a strong position to weather the storm, regulators evidently saw things differently. On Sunday, March 12, regulators seized Signature Bank. Although I disagreed with this decision, I recognize the important role that bank regulators play in our financial system." Shay testimony: LINK
  • Howell: "The unprecedented events of March 10, 2023, including the speed and amount of withdrawals that afternoon, astonished the Bank." Howell testimony: LINK

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