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
President here with the bypass and policy center. There are those who work in government and then there are those who make government work. And i James Lockard is is the latter. He has made government just listen to this list of positions. Director of the federal Housing Financing agency its predecessor, the office of federal housing enterprise as oversight chairman of welfare. Also member of the financial oversight board, deputy and principal commissioner and chief operating officer. The Social Security administration. Executive director of the pension benefit guaranty corporation. Out of government and investment banker. Cofounder, a Risk Management company. And he just was talking about it. Chairman recently of the new art museum and Greenwich Bruce Museum just opened up place he says where art meets so i thought im going to go see but most importantly to bpc he was the cochair with former senator kent conrad on one of our in fact one of our best sellers. The report on the commissio
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
Thursday morning on cspan or on cspan now free mobile app up or discussion with your phone calls, Facebook Comments Text Messages and tweets. Bank executive from Silicon Valley bank, Signature Bank, and First Republic bank testified on the recent failures of joint subcommittee hearing. Rapid growth, Digital Assets and rapid deposit withdrawals were contributing factors that led to the collapse of the respective institutions. All makers asked about executive compensation and Risk Management. [background noises] Mike Emmanuel come to order. Joint subcommittee is titled continued oversight over Regional Bank failures. That objection all members will have five alleged days within which to submit extraneous materials to the chair for inclusion in the record. Without objection a chairs office to declare a racist of the committee at any time. With that i now recognize myself for four minutes. Todays hearingng will help the Financial Services committee learn more about recent Bank Failures inc