Banking regulators tell the Senate what happened this month.
The United States Senate Banking Committee held a hearing March 28 on the regulatory response to recent bank failures. Officials from the Federal Deposit Insurance Corporation , Federal Reserve and Treasury testified. FDIC chair Martin Gruenberg spoke about the causes of the failures of Silicon Valley Bank and Signature Bank, including the role of digital assets, and the agency’s responses to the crisis.
of Silvergate Bank’s total deposits, but the bank lost 68% of its deposits in the aftermath of FTX's bankruptcy, setting off a fatal chain of events for the bank. Gruenberg said: "This was accomplished with minutes to spare before the Federal Reserve’s wire room closed,” Gruenberg added.
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