House sets first hearing into SVB and Signature Bank failures

Driving the news: The hearing is scheduled for March 29, the House Financial Services Committee announced Friday. It will include testimony from banking regulators who were at the center of the federal response to the bank failures.

• Federal Deposit Insurance Corp. Chairman Martin Gruenberg and Federal Reserve Vice Chair Michael Barr are both slated to appear, with the panel saying additional witnesses could be added.

What they’re saying: Reps. Patrick McHenry (R-N.C.) and Maxine Waters (D-Calif.), the chair and ranking member of the committee, said in a statement the hearing will "allow us to begin to understand why and how these banks failed."

• "We are working around the clock to deliver answers to the American people in order to protect depositors, promote the safety and soundness of America’s banks, and strengthen our financial system," they said.

The backdrop: The Senate Finance Committee got the first opportunity to seek answers on the bank failures and the federal response in a hearing on Thursday where Treasury Secretary Janet Yellen testified about her department's 2024 budget request.

• President Biden has pressed for Congress to pass tougher penalties on executives whose banks fail.

Go deeper: Banks brace for third week of drama with SVB up in the air