| objection all members will have five |
4.02 |
Jump to 739.8 |
CARDINAL
five
|
| um and uh I would like to take five |
5.641 |
Jump to 749.399 |
CARDINAL
five
|
| he was still in Congress when I first |
4.5 |
Jump to 786.48 |
ORG
Congress
ORDINAL
first
|
| couple of things one he called it the |
4.08 |
Jump to 790.98 |
|
| April report are now not new in 2013 a |
6.24 |
Jump to 869.76 |
DATE
April
DATE
2013
|
| which the f DIC noted in 2019 quote |
6.66 |
Jump to 896.16 |
ORG
DIC
DATE
2019
|
| 2015 GAO report on bank failures |
4.68 |
Jump to 913.32 |
DATE
2015
ORG
GAO
|
| Mr Green for five minutes thank you Mr |
5.759 |
Jump to 1082.16 |
PERSON
Mr Green
TIME
five minutes
|
| 2018 and 2022. |
6.959 |
Jump to 1166.58 |
DATE
2018
DATE
2022
|
| 47 billion dollars in total assets in |
9.421 |
Jump to 1173.539 |
MONEY
47 billion dollars
|
| 2018 to 110 billion dollars in 2022 |
8.339 |
Jump to 1177.2 |
DATE
2018
MONEY
110 billion dollars
DATE
2022
|
| increased from 56 billion to 209 billion |
7.26 |
Jump to 1185.539 |
CARDINAL
56 billion
|
| Silicon Valley Bank increased from 56 |
7.2 |
Jump to 1195.02 |
ORG
Silicon Valley Bank
CARDINAL
56
|
| billion to 209 billion over that same |
5.161 |
Jump to 1198.559 |
CARDINAL
209 billion
|
| fueled by more than 70 percent uninsured |
5.519 |
Jump to 1207.02 |
PERCENT
more than 70 percent
|
| far higher than the median of 32 percent |
6 |
Jump to 1212.539 |
PERCENT
32 percent
|
| from April until December of 2022. |
9.599 |
Jump to 1247.82 |
DATE
April until December of 2022
|
| in 2018 and failed to adequately manage |
7.2 |
Jump to 1260 |
DATE
2018
|
| former president Trump signed s 2155 his |
9.38 |
Jump to 1267.2 |
PERSON
Trump
DATE
2155
|
| s 2155 |
5.521 |
Jump to 1276.919 |
DATE
2155
|
| Banks as early as 2018 about |
6.059 |
Jump to 1345.74 |
DATE
2018
|
| responsibility of the bank's first and |
5.52 |
Jump to 1367.58 |
ORDINAL
first
|
| interim report issued by GAO two weeks |
6.419 |
Jump to 1411.74 |
ORG
GAO
DATE
two weeks
|
| ago on March on on the March 2023 bank |
7.32 |
Jump to 1414.2 |
DATE
March
DATE
March 2023
|
| failures since 1999 Mr Clements has |
5.281 |
Jump to 1418.159 |
DATE
1999
ORG
Clements
|
| recognized for five minutes to give an |
3.481 |
Jump to 1437.539 |
TIME
five minutes
|
| recognized for five minutes good morning |
4.859 |
Jump to 1445.94 |
TIME
five minutes good morning
|
| work on the March 2023 bank failures as |
6.48 |
Jump to 1457.88 |
DATE
March 2023
|
| reflected in our April 28th report to |
3.84 |
Jump to 1461.78 |
DATE
our April 28th
|
| Signature Bank were the 16th and 29th |
5.039 |
Jump to 1471.5 |
DATE
the 16th and 29th
|
| country their failures could impose a 22 |
5.221 |
Jump to 1476.539 |
CARDINAL
22
|
| billion dollar cost on the deposit |
3.6 |
Jump to 1479.48 |
|
| we're not part of our work first for |
4.02 |
Jump to 1483.08 |
ORDINAL
first
|
| another 13 billion dollar cost on the |
4.38 |
Jump to 1487.1 |
MONEY
13 billion dollar
|
| hearing I will focus on One Bank |
4.62 |
Jump to 1491.48 |
CARDINAL
One
ORG
Bank
|
| failures and two supervisory actions |
5.699 |
Jump to 1496.1 |
CARDINAL
two
|
| first the bank failures |
4.201 |
Jump to 1503.179 |
ORDINAL
first
|
| growth far exceeding a group of 19 peer |
7.081 |
Jump to 1517.159 |
CARDINAL
19
|
| tripled in the three years prior to its |
3.419 |
Jump to 1524.24 |
DATE
the three years
|
| run risk for example signature funded 82 |
5.939 |
Jump to 1533.36 |
CARDINAL
82
|
| second The Regulators supervisory |
3.66 |
Jump to 1561.86 |
ORDINAL
second
ORG
Regulators
|
| example between 2018 and 2022 the |
5.88 |
Jump to 1584.659 |
DATE
between 2018 and 2022
|
| Federal Reserve issued 10 matters |
4.439 |
Jump to 1588.74 |
ORG
Federal Reserve
CARDINAL
10
|
| positive and ratings of svb from 2018 |
7.921 |
Jump to 1613.279 |
DATE
2018
|
| through June of 2022 rating svb's |
6.64 |
Jump to 1616.96 |
DATE
June of 2022
|
| satisfactory from 2018 through 2021 |
6.96 |
Jump to 1645.14 |
DATE
2018
DATE
2021
|
| reactions in 2022 including taking |
5.099 |
Jump to 1654.32 |
DATE
2022
|
| past in 2015 we've reported that |
4.559 |
Jump to 1671.24 |
DATE
2015
|
| uh so in 2011 following the financial |
5.16 |
Jump to 1707.24 |
DATE
2011
|
| in 1991 fall into savings and loan |
4.559 |
Jump to 1722 |
DATE
1991
|
| recognizes himself for five minutes uh |
4.98 |
Jump to 1755.48 |
TIME
five minutes
|
| standard Pro one we had one meeting with |
6.3 |
Jump to 1798.08 |
CARDINAL
one
|
| at the point we just had the one meeting |
4.62 |
Jump to 1856.1 |
CARDINAL
one
|
| with the the three agencies again moving |
6.12 |
Jump to 1857.6 |
CARDINAL
three
|
| the same time or was it with one |
3.36 |
Jump to 1879.919 |
CARDINAL
one
|
| moved Beyond uh getting the April 28th |
5.221 |
Jump to 1915.919 |
DATE
April 28th
|
| say within probably three or four days I |
4.26 |
Jump to 1956.12 |
DATE
three or four days
|
| go back to 1991 after I think 89 might |
6 |
Jump to 1999.38 |
DATE
1991
|
| have been our first work looking at the |
5.181 |
Jump to 2003.039 |
ORDINAL
first
|
| there was a culture shift one way or the |
3.96 |
Jump to 2049.54 |
CARDINAL
one
|
| supervision issues in 1991 or 2011 or |
7.139 |
Jump to 2076.96 |
DATE
1991
DATE
2011
|
| 2015 or 2019 when you've done some of |
5.1 |
Jump to 2081.22 |
DATE
2015
DATE
2019
|
| 91. |
4.201 |
Jump to 2101.859 |
CARDINAL
91
|
| waters for five minutes thank you very |
4.201 |
Jump to 2123.339 |
TIME
five minutes
|
| examinations since 2018. now Mr Clements |
7.38 |
Jump to 2184 |
DATE
2018
|
| we issued a report in 2019 on those |
5.64 |
Jump to 2236.26 |
DATE
2019
|
| and how to fix them for five years what |
6.12 |
Jump to 2257.68 |
DATE
five years
|
| recognized for five minutes Mr chairman |
4.26 |
Jump to 2433.54 |
TIME
five minutes
|
| 19 2023 were approximately 74 billion |
8.04 |
Jump to 2464.74 |
CARDINAL
19 2023
MONEY
approximately 74 billion
|
| the the first page that I've got here |
7.161 |
Jump to 2494.619 |
ORDINAL
first
|
| says as of April 19 2023 outstanding |
7.56 |
Jump to 2497.32 |
DATE
April 19 2023
|
| approximately 74 billion dollars |
8.52 |
Jump to 2504.88 |
MONEY
approximately 74 billion dollars
|
| deposits at the two Banks the Federal |
4.8 |
Jump to 2535.18 |
CARDINAL
two
|
| so I think there's two separable issues |
3.96 |
Jump to 2595.54 |
CARDINAL
two
|
| and the 79 billion dollars which is |
6 |
Jump to 2599.5 |
MONEY
79 billion dollars
|
| risk correct so in the period of 2018 |
5.05 |
Jump to 2626.02 |
DATE
2018
|
| uh you are up for five minutes thank you |
4.919 |
Jump to 2809.92 |
TIME
five minutes
|
| Bank and Signature Bank and First |
4.26 |
Jump to 3055.14 |
ORG
Bank and Signature Bank
ORDINAL
First
|
| of the firm framework in the first place |
4.92 |
Jump to 3154.74 |
ORDINAL
first
|
| adhering to the exact five minutes uh |
4.8 |
Jump to 3257.94 |
TIME
five minutes
|
| weeks ago we have waited over 100 days |
9.02 |
Jump to 3314.52 |
DATE
weeks ago
DATE
over 100 days
|
| March 2023 bank failures over the past |
3.96 |
Jump to 3357.359 |
DATE
March 2023
|
| two months this committee has gathered |
3.6 |
Jump to 3359.88 |
DATE
two months
|
| Clements on page 23 of your report you |
5.52 |
Jump to 3381.96 |
CARDINAL
23
|
| 29th Vice chair bar stated that there |
4.8 |
Jump to 3401.16 |
DATE
29th
|
| were seven supervisory determinations |
5.16 |
Jump to 3403.74 |
CARDINAL
seven
|
| since 2018 |
6.179 |
Jump to 3408.9 |
DATE
2018
|
| there were actually 15 related liquidity |
7.779 |
Jump to 3410.78 |
CARDINAL
15
|
| after 15 mras and MRIs |
6.3 |
Jump to 3418.559 |
CARDINAL
15
|
| to 91 |
4.621 |
Jump to 3449.579 |
CARDINAL
91
|
| following the financial crisis in 2011 |
6.22 |
Jump to 3450.92 |
DATE
2011
|
| approximately 71 billion in assets to in |
7.5 |
Jump to 3492.359 |
MONEY
approximately 71 billion
|
| 2019 to over 200 billion in 2022 what |
6.12 |
Jump to 3495.3 |
DATE
2019
MONEY
over 200 billion
DATE
2022
|
| there was a shift so under 100 billion |
4.86 |
Jump to 3501.42 |
MONEY
under 100 billion
|
| around 20 examiners looking at the bank |
3.48 |
Jump to 3524.339 |
|
| way back to 2018 sir that is correct |
5.22 |
Jump to 3531.599 |
DATE
2018
|
| the pandemic it's one of the factors |
4.381 |
Jump to 3536.819 |
CARDINAL
one
|
| the fed's November 2020 supervision and |
4.919 |
Jump to 3543.9 |
ORG
fed
DATE
November 2020
|
| three months from late March to mid-june |
4.859 |
Jump to 3551.22 |
DATE
three months
DATE
mid-june
|
| three-month pause was a significant |
4.62 |
Jump to 3558.9 |
DATE
three-month
|
| three months only and mainly the |
3.841 |
Jump to 3581.579 |
DATE
three months
|
| five minutes thank you Mr chairman |
3.72 |
Jump to 3598.079 |
TIME
five minutes
|
| Signature Bank on March 29th our |
3.601 |
Jump to 3603.299 |
ORG
Signature Bank
DATE
March 29th
|
| bank and now First Republic Bank have |
4.079 |
Jump to 3615.24 |
ORG
First Republic Bank
|
| it's been our recommendations in 91 and |
4.86 |
Jump to 3704.16 |
CARDINAL
91
|
| then again 2011 they have some type of |
5.159 |
Jump to 3706.68 |
DATE
2011
|
| your in the Years prior to 2023 the |
4.2 |
Jump to 3766.74 |
DATE
Years
DATE
2023
|
| at fault here I see three potential |
3.66 |
Jump to 3787.98 |
CARDINAL
three
|
| sit here less than two weeks after the |
3.78 |
Jump to 3837.48 |
DATE
less than two weeks
|
| failure of the First Republic Bank and |
4.259 |
Jump to 3839.04 |
ORG
the First Republic Bank
|
| two months after the failures of svb and |
3.9 |
Jump to 3841.26 |
DATE
two months
|
| signature the second third and fourth |
3.721 |
Jump to 3843.299 |
ORDINAL
second
ORDINAL
third
ORDINAL
fourth
|
| that would impact my constituents one |
4.081 |
Jump to 3850.859 |
CARDINAL
one
|
| five minutes |
2.52 |
Jump to 3913.5 |
TIME
five minutes
|
| First Citizens bank's stock has nearly |
5.28 |
Jump to 3964.68 |
ORG
First Citizens bank's
|
| gain on First Citizen stock at 500 |
5.76 |
Jump to 3973.26 |
ORG
First Citizen
CARDINAL
500
|
| million which to me seems like the FDIC |
7.319 |
Jump to 3975.78 |
ORG
FDIC
|
| risk exception for the two Banks do you |
5.639 |
Jump to 4046.16 |
CARDINAL
two
|
| three agencies over that weekend as each |
5.4 |
Jump to 4093.02 |
CARDINAL
three
DATE
that weekend
|
| following some of the turmoil in 2022 in |
6.039 |
Jump to 4210.16 |
DATE
2022
|
| uh up for five minutes thank you so much |
3.66 |
Jump to 4227.3 |
TIME
five minutes
|
| that you would look into it's one of the |
3.961 |
Jump to 4251.179 |
CARDINAL
one
|
| know one of the things my good colleague |
2.88 |
Jump to 4259.58 |
|
| how when was the first time they said yo |
4.92 |
Jump to 4266.54 |
ORDINAL
first
|
| what year was it the first the first |
4.38 |
Jump to 4276.02 |
ORDINAL
first
ORDINAL
first
|
| do what are called section 120 |
4.059 |
Jump to 4297.1 |
LAW
section 120
|
| compare it to other Banks in 2022 the |
5.7 |
Jump to 4340.82 |
ORG
Banks
DATE
2022
|
| CEO Greg Becker salary is roughly one |
4.08 |
Jump to 4344.3 |
PERSON
Greg Becker
CARDINAL
roughly one
|
| million dollars but he enjoyed over 5 |
3.9 |
Jump to 4346.52 |
|
| million in stock awards last year and 2 |
4.5 |
Jump to 4348.38 |
CARDINAL
million
DATE
last year
CARDINAL
2
|
| million in stock options Becker also |
3.96 |
Jump to 4350.42 |
CARDINAL
million
PERSON
Becker
|
| earned over six million dollars since |
3.6 |
Jump to 4352.88 |
|
| 2020 from an incentive compensation plan |
5.339 |
Jump to 4354.38 |
DATE
2020
|
| this helps explain to me why during 2022 |
7.02 |
Jump to 4361.94 |
DATE
2022
|
| svb terminated close to 15 billion in |
5.639 |
Jump to 4365.6 |
MONEY
close to 15 billion
|
| 2023 almost completely unhed because |
7.321 |
Jump to 4376.219 |
DATE
2023
|
| over 8 billion million dollars in total |
6.179 |
Jump to 4413.54 |
MONEY
8 billion million dollars
|
| I think in the report you know one of |
3.24 |
Jump to 4433.34 |
|
| the section 956 it's been what 12 years |
5.7 |
Jump to 4440.36 |
LAW
section 956
DATE
12 years
|
| 956 of the Dodd-Frank Act |
3.96 |
Jump to 4451.94 |
CARDINAL
956
|
| I you know one of the things that I I |
3.779 |
Jump to 4472.94 |
|
| muser is recognized for five minutes |
5.34 |
Jump to 4534.44 |
TIME
five minutes
|
| to just ask you first a couple of quick |
5.22 |
Jump to 4543.56 |
ORDINAL
first
|
| questions in 2021-2022 this Congress |
5.88 |
Jump to 4545.48 |
DATE
2021-2022
ORG
Congress
|
| overspent by over five trillion dollars |
5.22 |
Jump to 4548.78 |
MONEY
over five trillion dollars
|
| one thing it's into directors all right |
5.64 |
Jump to 4577.64 |
CARDINAL
one
|
| the svb was downgraded in June 30th 2022 |
5.459 |
Jump to 4583.28 |
DATE
June 30th 2022
|
| management from 22 May review your |
4.74 |
Jump to 4591.38 |
CARDINAL
22
|
| March of 2023. isn't it true that the |
5.879 |
Jump to 4600.32 |
DATE
March of 2023
|
| the s20 2155 set thresholds there are |
5.82 |
Jump to 4609.26 |
|
| on S 2155 would head us down the wrong |
4.32 |
Jump to 4627.98 |
|
| gave svb a seven-month extension to |
6.299 |
Jump to 4651.86 |
DATE
seven-month
|
| address in November 2021 deficiency |
6.06 |
Jump to 4654.32 |
DATE
November 2021
|
| the way in the first place |
2.781 |
Jump to 4747.739 |
ORDINAL
first
|
| banks that have failed svb and first |
3.72 |
Jump to 4794.6 |
ORDINAL
first
|
| the two Banks they're obviously better |
3.66 |
Jump to 4798.32 |
CARDINAL
two
|
| managed than the two that failed uh what |
3.239 |
Jump to 4799.94 |
CARDINAL
two
|
| is recognized for five minutes thank you |
5.04 |
Jump to 4852.98 |
TIME
five minutes
|
| and the first one is that the president |
6.3 |
Jump to 4864.14 |
ORDINAL
first
|
| has lowered the deficit by 1.7 trillion |
6.78 |
Jump to 4867.08 |
CARDINAL
1.7 trillion
|
| dollars 1.7 trillion dollars in his |
5.82 |
Jump to 4870.44 |
MONEY
1.7 trillion dollars
|
| first two years in the office |
5.1 |
Jump to 4873.86 |
DATE
two years
|
| one that that has been done so many |
5.58 |
Jump to 4947.42 |
|
| 2.3 billion dollar budget we did audits |
5.28 |
Jump to 5026.56 |
MONEY
2.3 billion dollar
|
| first thing we'd say is |
4.919 |
Jump to 5033.28 |
ORDINAL
first
|
| yeah so that that occurred in the 2022 |
5.88 |
Jump to 5046.96 |
DATE
2022
|
| recognized for five minutes |
3.199 |
Jump to 5164.5 |
TIME
five minutes
|
| in fact if you go back to 2011 our |
4.381 |
Jump to 5189.219 |
DATE
2011
|
| mid-sized Banks there's roughly 4 700 |
3.661 |
Jump to 5241.179 |
CARDINAL
roughly 4
CARDINAL
700
|
| second guess The Regulators in these |
3.419 |
Jump to 5290.26 |
ORDINAL
second
PRODUCT
Regulators
|
| you know for svb 2018 there were clear |
4.441 |
Jump to 5295.659 |
DATE
2018
|
| problem but yet fast forward four years |
2.94 |
Jump to 5300.1 |
DATE
four years
|
| place in the previous year and six |
4.2 |
Jump to 5392.62 |
DATE
the previous year
CARDINAL
six
|
| part of The Regulators to take six |
3.36 |
Jump to 5401.44 |
PRODUCT
Regulators
CARDINAL
six
|
| and and more timely fashion in the six |
3.841 |
Jump to 5407.139 |
CARDINAL
six
|
| 2022 I guess the the argument was they |
4.98 |
Jump to 5419.8 |
|
| urgency my last 30 seconds is there |
4.08 |
Jump to 5437.139 |
|
| recognized for five minutes thank you Mr |
3.62 |
Jump to 5465.88 |
TIME
five minutes
|
| identified going back to 2018. you've |
4.259 |
Jump to 5505.9 |
DATE
2018
|
| was scheduled for 2024 for Silicon |
4.079 |
Jump to 5717.58 |
DATE
2024
ORG
Silicon
|
| Valley Bank let me use my last 48 |
4.139 |
Jump to 5719.56 |
ORG
Valley Bank
|
| has five minutes Mr chairman thank you |
4.679 |
Jump to 5794.02 |
TIME
five minutes
|
| 2021 is that correct |
3.86 |
Jump to 5911.5 |
DATE
2021
|
| two years almost two years before the |
3.78 |
Jump to 5923.08 |
DATE
two years almost two years
|
| that threshold February 2021. |
5.16 |
Jump to 5933.82 |
DATE
February 2021
|
| two years before the bank failed is that |
4.799 |
Jump to 5947.44 |
DATE
two years
|
| four firm at that time right and and |
4.561 |
Jump to 5952.239 |
CARDINAL
four
|
| of 2018. |
5.159 |
Jump to 5962.56 |
DATE
2018
|
| under the 100 billion dollar threshold |
4.801 |
Jump to 5967.719 |
MONEY
100 billion dollar
|
| 2018. enhanced Prudential oil standards |
5.7 |
Jump to 5981.76 |
DATE
2018
ORG
Prudential
|
| February 2021. |
4.739 |
Jump to 5989.98 |
DATE
February 2021
|
| two years before the bank failed |
5.819 |
Jump to 5992.32 |
DATE
two years
|
| that's correct in 2021 it became it got |
5.061 |
Jump to 5994.719 |
DATE
2021
|
| institution rating system by six months |
4.98 |
Jump to 6012.3 |
DATE
six months
|
| until August 2022. in your investigation |
5.04 |
Jump to 6014.28 |
DATE
August 2022
|
| we passed and that we amended in 2018 |
6.66 |
Jump to 6040.86 |
DATE
2018
|
| to your report in 2020 the examiners at |
3.84 |
Jump to 6051.96 |
DATE
2020
|
| liquidity risks for a period of 30 days |
4.319 |
Jump to 6062.82 |
DATE
30 days
|
| 2018 to 2022 and your experience would |
4.319 |
Jump to 6073.92 |
DATE
2018
DATE
2022
|
| March of 2023 instead of the failure uh |
5.1 |
Jump to 6097.92 |
DATE
March of 2023
|
| actually more than six months the |
4.5 |
Jump to 6109.86 |
DATE
more than six months
|
| objection all members will have five |
4.38 |
Jump to 6138.06 |
CARDINAL
five
|