Washington, DC— U.S. Representative Young Kim (CA-40) joined Financial Services Subcommittee on Oversight and Investigations Chairman Bill Huizenga (MI-04) and Subcommittee on Financial Institutions and Monetary Policy Chairman Andy Barr (KY-06) to demand answers on supervisory activity conducted prior to the collapse of Silicon Valley Bank (SVB).
The members sent a letter to Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (FRB) Michael Barr and President and CEO of the Federal Reserve Bank of San Francisco (FRBSF) Mary Daly, and a letter to California Department of Financial Protection and Innovation (CDFPI) Commissioner Clothilde Hewlett.
“Americans need to be able to trust our financial system. As we learn more about the failures of Silicon Valley Bank, we should find out what the San Francisco Fed and the California Department of Financial Protection and Innovation were doing and how the different layers of supervision missed SVB’s risks,” said Rep. Young Kim. “As the only Republican from California on the Financial Services Committee, I will continue to demand answers, follow the facts and fight for American taxpayers.”
