Rep. McHenry Grills Regulators on SVB Awareness

The transcript discusses the timeline and actions taken regarding the financial distress of Silicon Valley Bank (SVB). It covers when key figures became aware of the issues, the February presentation on interest rate risks, and the subsequent actions leading up to the bank run. The FDIC's involvement and the auction process are also detailed, highlighting the systemic risk designation and market impact.

When did the vice chair become aware of Silicon Valley Bank's financial distress?

What actions were taken by the staff regarding the interest rate risk presented in February?

What was the response of the bank regarding deposit stability on Thursday morning?

What did the vice chair understand about the difficulty faced by the bank on Thursday?

When did the vice chair become aware that the FDIC would need to take over the bank?

What was the expectation regarding the closure of the institution?

What was the timeline for opening an auction for Silicon Valley Bank?