Lawmakers tell ex-CEOs ‘you must answer’ for bank failures

KIFI

Published March 23, 2023 10:34 AM

By KEVIN FREKING
Associated Press

WASHINGTON (AP) — Leaders of the Senate’s banking committee are telling former chief executive officers at the failed Silicon Valley Bank and Signature Bank they “must answer” for their banks’ “downfall.” The senators say in a letter to each CEO he’s expected to appear before the panel. The banking committee is examining the events leading up to the closures of the two banks, with the first congressional hearing set for Tuesday. Separate letters were sent Thursday to former Silicon Valley Bank CEO Gregory Becker and former Signature Bank CEO Joseph DePaolo. Attorneys copied in on the letters sent to the former CEOs haven’t responded to requests from The Associated Press for comment.

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