Elissaar has more on what could happen next, alyssa. Thats right. Well, officials were looking for a buyer and we were expecting to hear an announcement sometime today, but at this time, we are still waiting to learn the fate of First Republic bank. The feds were expected to take over First Republic sometime this weekend. I spoke with an economist about what another bank failure could mean for the banking industry. First there was the failure of Silicon Valley bank, then Signature Bank and now another one is on the chopping block. First Republic Bank headquartered in San Francisco, depositors pulled out more than 100 billion last quarter. First Republic Bank has been hurt, just like Silicon Valley bank, hurt by an enormous run on their deposits. Jim wilcox, you see, high school of business professor and economist, explained how this run on the bank can lead to failure. Theyve had to replace these deposit. That they have been paying very low Interest Rates on and still would be with ver
Hello this week on the wall street journal at large, there is another bank falls and dark clouds in circles, divided the administrations of the Financial System is in good shape. The inflation high Interest Rates rising who are you going to believe them or your lying eyes a closer look with my guest at the turmoil in the u. S. Financial system with other escalating and troubling times of financial stress, first have you ever been in a situation from somebody insisting everything is fine but the more that they tell you not to worry the more alarmed you get like an Airline Pilot casually telling passengers a fire in the right engine is complete the under control the man fixing the roof insisting the cascade of rainwater in your bedroom is nothing to worry about, divided the administrations but did a lot of time assuring us that the market Financial System is totally safe and sound. Experience tells us when people have a track record of incompetence tell you not to panic that usually mean
Housing affairs will come to order. Thanks to the new deal and the hard work of our regulators today, most Bank Failures of course never a good thing or generally not a big deal but the quick collapses of Silicon Valley bank and Signature Bank were no ordinary failures. In less than a day, Silicon Valley Bank Customers pulled 42 billion dollars out of the bank fueled by Venture Capitalists and their social media accounts. They created the largest and fastest bank run in history in the following days Signature Bank lost 17 billion dollars. Regulators both republicans and democrats came to gather to prevent the panic from spreading. They increase liquidity, they promoted confidence in our Banking System, they protected deposits of customers and Small Businesses not notably the investors the investments of executives and shareholders. I spent that weekend on the phone with ohio Small Businesses and banks and credit unions. While Small Business owners simply wanted to make payroll. They di
Minutes. Without objection, all members will have five legislative days to submit extraneous materials to the chair for inclusion in the record. I would like to take five minute heres for a brief opening statement. Mr. Huizenga congressional oversight a a constitutional authority, used to maintain the well being of government. This is a lesson i learned from my fellow congress sorry, weve got to make sure we get the timer going. There we go. This lesson of oversight was something that i learned from someone who is considered the lion of the house, john dingell. He was still in congress when i first came here and he taught me a couple of things. One, he called it the tyranny of the vote. Didnt matter who you were with, what you were doing, what was happening or where you were. When they rang the bells we had that time to go to the house floor to vote. The other was, our constitutional standing, our obligation, frankly, of oversight of administration. And he was an expert at that. Didnt
Democracy. Watch video on demand any time online at cspan. Org. And try our points of interest feature, a timeline tool that uses markers to quickly guide you to news worthy and interesting highlights of our coverage. Use points of interest any time online at cspan. Org. Michael cn official at the Government Accountability office, testifies on his agencys review of now Michael Clements testifies on his agencys review of the Signature Bank and Silicon Valley bank collapses. This runs about 90 minutes. Without objection, all members will have five legislative days to submit extraneous materials to the chair for inclusion in the record. I would like to take five minute heres for mr. Huizenga i would like to take five minute heres far brief opening state. Congressional oversight is a Constitutional Authority used to maintain the well being of our system of government. This is a lesson i learned from my fellow congress sorry surt the timer going. There we go. This lesson of oversight was so