Banking System Is Sound, Regulators Say In The Face Of Flurry Of Questions From Senate Banking Committee

Sen. Elizabeth Warren, D-Mass., greets Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation, during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Recent Bank Failures and the Federal Regulatory Response, in Dirksen Building on Tuesday, March 28, 2023. Michael Barr, center, vice chair for supervision of the Board of Governors of the Federal Reserve System, and Nellie Liang, undersecretary for domestic finance U.S. Department of the Treasury, also testified. TOM WILLIAMS/BENZINGA

Regulators faced the U.S. Senate Banking Committee Tuesday morning in a hearing following the collapse of SVB Financial Group and Signature Bank.

Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg testifies before the Senate Banking, Housing and Urban Affairs Committee March 28, 2023, in Washington, DC. The committee heard testimony on the topic of “Recent Bank Failures and the Federal Regulatory Response.” WIN MCNAMEE/BENZINGA