WASHINGTON, D.C. – Yesterday, in a full House Financial Services Committee hearing in the wake of recent bank failures entitled, “Oversight of Prudential Regulators,” Congressman Blaine Luetkemeyer (MO-03) questioned Michael Barr, Vice Chair for Supervision for the Federal Reserve, Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation (FDIC), Todd Harper, Chairman of the National Credit Union Administration (NCUA) and Michael Hsu, Acting Comptroller of the Currency.

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Rep. Luetkemeyer: I’m sure you guys fired the management team of Silicon Valley when you went in and replaced them… Has anybody at the Fed lost their job yet as a result of this? Since it was a core responsibility of the examiners to do interest rate risk reviews and liquidity risk and [they] did nothing about it?

Mr. Barr: The report found that they acted on it but they did not escalate it sufficiently…

Luetkemeyer: Is anybody going to lose their job, Mr. Barr?

Barr: We’re looking across the system at our system of supervision. We want to make sure we have the right personnel in place…

Luetkemeyer: So, the answer’s no.