Republican-led hearing focuses on possible missteps by the Federal Reserve and the Federal Deposit Insurance Corp. leading up to U.S. bank failures this year.
In a second day of Capitol Hill hearings into the failures of U.S. banks this year, former First Republic Bank CEO Mark Roffler testified Wednesday in a joint House subcommittee hearing that reinforced many of the same themes already voiced by elected officials.
The CEOs did not stray far from their prepared remarks, which mostly blamed the failures on unprecedented events stoked by social media and on panicked clients who pulled their deposits out of the banks. First Republic was transparent starting in late 2022 about interest-rate risks and knew 2023 would be challenging, he said.
Also read: FDIC recommends raising deposit insurance limit for business accounts after SVB, First Republic failures Huizenga also blasted the Federal Reserve for overheating the economy with stimulus money and then being late to pump the brakes.Also read: Big banks performed well in first quarter despite ‘gut-wrenching volatility’: analyst
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