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Senate Banking Committee Publishes Witness Testimonies Ahead Of SVB Hearing

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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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