Senators Demand Testimony From Former SVB and Signature Bank CEOs

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On Thursday, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Sen. Tim Scott (R-SC), Ranking Member of the Committee, sent letters to Gregory Becker, former CEO of Silicon Valley Bank, and Joseph DePaolo, former CEO of Signature Bank, to call on them to testify in front of the Committee to answer for the banks’ collapse.

“Your testimony would provide substantial information relevant to SVB’s failure and could be provided without necessarily disclosing confidential supervisory information. You also do not need bank records and files to provide informative testimony on the topics outlined above,” wrote the Senators in their letter to Becker. “In short, as the former CEO of SVB, you must answer for the bank’s downfall.”

Tuesday, Brown released a statement announcing the first of several hearings on the collapse of Silicon Valley Bank and Signature Bank.

A copy of the letter to DePaolo can be found here. A copy of the letter to Becker is available here.

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