This morning on Capitol Hill Bank regulators are testifying on climaterelated Financial Risks and Monetary Policy. They are appearing before the House Financial Services subcommittee. We will have live coverage here on cspan2 when that hearing gets underway. [inaudible conversations] the committee will come to order. Without objection of the chairs authorized to declare a recess at any time. This hearing is entitled climate risk are financial regulators politically independent . Without objection all members will have five legislative days within which to submit extremist materials to the chair for inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Federal regulators represented here today have coordinated to promulgate principles for managing climaterelated Financial Risks. The guidance and information requested by the regulators aligned with a 2021 executive order, efforts promoted by the Financial Stability Oversight Council. Chair yellow
This morning on Capitol Hill Bank regulators are testifying on climaterelated Financial Risks and Monetary Policy. They are appearing before the House Financial Services subcommittee. We will have live coverage here on cspan2 when that hearing gets underway. [inaudible conversations] the committee will come to order. Without objection of the chairs authorized to declare a recess at any time. This hearing is entitled climate risk are financial regulators politically independent . Without objection all members will have five legislative days within which to submit extremist materials to the chair for inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Federal regulators represented here today have coordinated to promulgate principles for managing climaterelated Financial Risks. The guidance and information requested by the regulators aligned with a 2021 executive order, efforts promoted by the Financial Stability Oversight Council. Chair yellow
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
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
Order. The joint subcommittee hearing is titled concern continued oversight on Regional Bank failures. Without objection, all members will have five legislative days to submit extraneous materials to the chair for inclusion in the record. Without objection, the chair is authorized to declare a recess of the committee at any time. With that, i now recognize myself for four minutes. Todays hearing will help the Financial Services committee learn more about recent Bank Failures, including management missteps, supervisory failures, and rapid fire bank runs in the age of social media. I think our witnesses for testifying today. The recent banking crisis was fueled by failed Bank Management, lack of hedges against Interest Rate risks, failed military policy, failed supervision, and overspending by the administration and democrats that led to historic inflation, prompting increased Monetary Policy action. Today, we will hear about what went wrong from the Bank Management themselves in state r