US Senate Banking Committee announces May 18 hearing on State of the Banking and Credit Union Industry

Anil Panchal FXStreet

US Senate Banking Committee announces May 18 hearing on State of the Banking and Credit Union Industry.

It’s worth noting that the Committee also mentions May 16 as the day for hearing and examining the failures of Silicon Valley Bank and Signature Bank.

As per the details, the ex-Silicon Valley Bank CEO, ex-chairman of Signature Bank; and ex-President of Signature Bank will be witnesses of the May 16 hearing.

On the other hand, Vice Chair for supervision at Fed Barr, Chairman of Federal Deposit Insurance Corporation (FDIC) and acting comptroller of office of the comptroller of the currency, Superintendent of New York State Department of Financial Services will act as the witness of May 18 hearing. Also on the list are Commissioner of the California Department of Financial Protection & Innovation and Chair of the National Credit Union Administration.

Market implications

The news fails to offer any major market moves as traders await the key Federal Open Market Committee (FOMC) monetary policy meeting announcements.

Also read: Forex Today: Dollar weakens ahead of Fed decision

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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