RELEASE: Gottheimer Questions Federal Regulators’ Response to Recent Bank Failures

Mar 30, 2023
Press

Demanding Answers on Regulators’ Failure to Properly Oversee Silicon Valley Bank

WASHINGTON, D.C. — This week, U.S. Congressman Josh Gottheimer (NJ-5) questioned the Federal Reserve, U.S. Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) over federal financial regulators’ failure to properly oversee Silicon Valley Bank (SVB). 

During this week’s House Financial Services Committee hearing, Gottheimer questioned witnesses about the speed and intensity of the run on SVB driven by panic on social media, as well as financial regulators’ failure to apply annual stress tests, to properly utilize supervisory tools and reviews, and to identify the failures of bank management.

Watch Gottheimer’s questioning here.

Gottheimer questioned Nellie Liang, the Under Secretary for Domestic Finance for the U.S. Department of Treasury; Martin J. Gruenberg, the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC), and Michael S. Barr, the Vice Chair for Supervision of the Board of Governors of the Federal Reserve.

Gottheimer recently called on House Financial Services Committee Chairman McHenry and Ranking Member Waters to conduct a comprehensive bipartisan investigation into financial regulators’ failure to properly oversee SVB.

###

Recent Posts


Sep 11, 2024
Press

RELEASE: Honoring 9/11, Gottheimer, Lawler, Malliotakis, Molinaro, Moskowtiz Fight for Bipartisan Bill to Support Victims of State-Sponsored Terrorism

Above: Gottheimer with bipartisan Members of Congress and victims of state-sponsored terrorism. WASHINGTON, D.C. — U.S. Representatives Josh Gottheimer (NJ-5), Mike Lawler (NY-17), Nicole Malliotakis (NY-11), Marc Molinaro (NY-19), and Jared Moskowitz (FL-23) stood with victims of state-sponsored terror, including 9/11 family members, to fight for the bipartisan American Victims of Terror Compensation Act, which provides funding […]



Sep 9, 2024
Press

RELEASE: Gottheimer Fights Against Red Moocher States to Restore SALT Deduction and Lower Taxes

Above: Gottheimer launches new SALT portal as fight gears up with Red Moocher States to restore SALT deduction. RIDGEWOOD, NJ — Today, Monday, September 9, 2024, U.S. Congressman Josh Gottheimer (NJ-5) announced a new effort to fight back against Red ‘Moocher’ States attempting to extend the SALT cap and raise taxes on Jersey families.  Gottheimer […]



Sep 9, 2024
Press

RELEASE: Gottheimer Visits Tilcon Quarry in Pompton Lakes

Above: Gottheimer tours the Tilcon Quarry in Pompton Lakes, highlighting their role in infrastructure. POMPTON LAKES, NJ  — U.S. Congressman Josh Gottheimer (NJ-5) visited Tilcon’s quarry in Pompton Lakes to highlight a local businesses key to fixing Jersey’s roads and highways as part of the Bipartisan Infrastructure Bill. New Jersey is clawing back more than $8 […]