GOP lawmakers seek information from Fed on bank failure timeline

House Financial Services Committee Chairman Patrick McHenry (R-N.C.) and Senate Banking Committee Ranking Member Tim Scott (R-S.C.) today called on the Federal Reserve to provide “a comprehensive timeline of events related to the Federal Reserve’s lending, supervisory, and examination activity for the last two years with regards to [Silicon Valley Bank] and/or Signature Bank,” as well as an account of the events leading up to the Fed’s decision to invoke a systemic risk exception for the two banks.

The lawmakers also asked for information about Fed examiners tasked with supervising the institutions or involved with recommending the systemic risk exception. They also instructed to agency to preserve all communications and other materials related to the bank failures.