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Former First Republic CEO testifies before Congress

Yahoo Finance

The Yahoo Finance Live team discusses former SVB and former First Republic CEOs testifying before Congress to address the banking collapse of SVB and First Republic.

Video transcript

RACHELLE AKUFFO: All right. Well, executives at the eye of the storm when the US banking system collapsed are on Capitol Hill today. They're addressing the House Financial Services Committee. Former SVB CEO Greg Becker reiterated that SVB's collapse occurred due to a series of, quote, "unprecedented events."

First Republic CEO Michael Wrathall also speaking. He blamed that collapse on contagion in the aftermath of the failure of SVB. There was no doubt collateral damage. $100 billion worth of deposits were withdrawn from the banks in the weeks that followed. [? Now Wrathall ?] added that no regulator expressed concerns over the bank's liquidity. Something certainly to keep in mind.