Top House Republicans demand information from Fed Board about Silicon Valley Bank failure

Top House Republicans on Monday demanded information from the Federal Reserve Board about the collapse of Silicon Valley Bank, which was the first of three major banks to collapse this year. 

Oversight and Accountability Committee Chairman James Comer, R-Ky., and Health Care and Financial Services Subcommittee Chairwoman Lisa McClain, R-Mich., said in a letter Monday to Fed Chairman Jerome Powell that they are investigating the bank's collapse and had sent a letter in April to San Francisco Fed President Mary Daly for records  

They wrote that they are concerned about the "inadequacy" of the San Francisco Fed's response to their questions about Silicon Valley Bank's collapse. They also said they have not received any documents answering their requests. 

The members of Congress had requested Daly to provide numerous documents, including all minutes of San Francisco Fed Board meetings from Jan. 1, 2019, to present as well as all correspondence between members of the board in which Silicon Valley Bank was mentioned during that time frame.

The Republicans are now asking the national Fed to answer their questions that they say the San Francisco branch would not. 

After Silicon Valley Bank collapsed in March, First Republic Bank and Signature Bank also collapsed.

Reports after Silicon Valley Bank's collapse blamed the financial institution's failure on the Fed.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.