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FEDERALhearing transcript
High Impact

Congressional Hearing on Recent Bank Failures

Original title: THE FEDERAL REGULATORS' RESPONSE TO RECENT BANK FAILURES

January 1, 2023

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The Frame

What this does

The hearing provides the official federal explanation and regulatory perspective on the stability of the U.S. banking system following the collapse of major financial institutions in early 2023.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Federal Reserve

The agency is required to provide testimony and written responses regarding its supervisory role in bank failures.

FDIC

The agency is required to provide testimony and written responses regarding its role in deposit insurance and bank resolution.

U.S. Department of the Treasury

The agency is required to provide testimony and written responses regarding domestic financial stability.

What changed

Last recorded activity January 1, 2023.

What's next

Next step not available in the current record.

Summary

This document is the official transcript and record of a March 29, 2023, House Financial Services Committee hearing. Federal regulators from the Federal Reserve, FDIC, and Treasury Department testified regarding their response to recent bank failures.

Key Facts

  • The hearing was held on March 29, 2023, by the House Committee on Financial Services.
  • Testimony was provided by officials from the Federal Reserve, the FDIC, and the U.S. Department of the Treasury.
  • The record includes written responses to follow-up questions from committee members directed to the three testifying agencies.
  • The appendix contains supplemental materials, including letters to the Comptroller General and external articles regarding bank supervision and interest rate impacts on bond holdings.
  • The hearing is officially designated as Serial No. 118-12.

Frequently Asked Questions

Who testified at this hearing?
Michael S. Barr (Federal Reserve), Martin J. Gruenberg (FDIC), and Nellie Liang (U.S. Treasury).
What is the purpose of this document?
It serves as the official record of the Congressional inquiry into the government's response to bank failures that occurred in early 2023.

Why It Matters

The hearing provides the official federal explanation and regulatory perspective on the stability of the U.S. banking system following the collapse of major financial institutions in early 2023.

News Coverage

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Sponsors

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

cross reference100% confidence

Extensive Follow-up Documentation

The document contains a significant volume of 'Questions for the Record,' indicating a high level of detailed follow-up by committee members after the initial hearing.

Connected Entities

organizationHouse Committee on Financial ServicesCongressional committee overseeing banking and financial institutionsMap →
personMichael S. BarrVice Chair for Supervision, Federal ReserveMap →
personPatrick McHenryChairman of the House Committee on Financial ServicesMap →
personNellie LiangUnder Secretary for Domestic Finance, U.S. TreasuryMap →
personMaxine WatersRanking Member of the House Committee on Financial ServicesMap →
personMartin J. GruenbergChairman, FDICMap →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100
  • Significance85
    How much this matters to a regular citizen
  • Controversy60
    Intensity of disagreement among stakeholders
  • Entertainment20
    Compellingness for a non-policy-wonk reader
  • Buzz40
    Current news / social attention level

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