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Majority Leader Schumer Floor Remarks On The Senate Banking Committee On The Failures Of Silicon Valley Bank And Signature Bank

Washington, D.C.Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor highlighting the Senate Banking Committee’s hearing examining the collapse of Silicon Valley Bank and Signature Bank. Below are Senator Schumer’s remarks, which can also be viewed here:

As we speak, the Senate Banking Committee is holding a very important hearing, hearing testimony from the former CEO and Chairman of Silicon Valley Bank and Signature Bank, to examine the failures that led to their collapses.

I want to thank Chairman Brown and all the members of the committee for holding this important hearing, because we need to get to the bottom of what went wrong with SVB and Signature bank.

The American people must have confidence that Congress can work across the aisle to hold bad actors in banking accountable, and that’s why it’s essential we hear directly from the CEOs of these failed institutions. I hope today’s hearing brings us one step closer to bipartisan action on commonsense banking oversight legislation that Americans rightfully demand.