March 17, 2023
Following Calls by Pressley, House Financial Services Committee to Hold Hearing on Silicon Valley Bank Collapse
Pressley Repeatedly Called for FSC Hearing & Joined Warren, Porter Bill to Repeal 2018 Bank Lobbyist Act
First of a Series of Hearings to be Held on March 29, 2023
BOSTON – Following calls from Congresswoman Ayanna Pressley (MA-07), a member of the House Financial Services Committee (FSC), FSC Ranking Member Maxine Waters (D-CA) and Chairman Patrick McHenry (NC-10) today announced a hearing with federal financial regulators in response to the failures of Silicon Valley Bank (SVB) and Signature Bank to be held on March 29, 2023. This will be the first of multiple hearings the Committee expects to hold on this issue.
Following the collapse of SVB last week, Rep. Pressley has repeatedly urged the Financial Services Committee to hold a hearing to investigate the bank’s failure and how Republicans’ 2018 bank deregulation bill contributed to it.
“The collapse of Silicon Valley Bank and Signature Bank is infuriating and has threatened the livelihoods of workers, businesses, and families in the Massachusetts 7th and all across the country. While the Biden Administration has acted swiftly to protect depositors and our financial system, many questions remain unanswered about the actions of SVB executives and the risky behavior that led to this collapse,” said Congresswoman Pressley, a member of the House Financial Services Committee. “I’m glad Ranking Member Waters and Chairman McHenry have heeded our calls for an urgent hearing to investigate SVB’s collapse. Sunlight is the greatest disinfectant, and I look forward to participating in this hearing so we can get to the bottom of what happened, ensure accountability, and prevent collapses like these from ever happening again.”
Earlier this week, Rep. Pressley joined Senator Elizabeth Warren (D-MA), Congresswoman Katie Porter (CA-47), and dozens of lawmakers in introducing legislation to repeal Republicans’ rollback of critical banking protections in 2018 and restore Dodd-Frank protections.