WATCH LIVE: Top regulators testify before Congress after recent bank collapses

Top officials and banking regulators are set to appear before the Senate Banking Committee on Tuesday morning to testify about a string of recent banking failures that led to the collapse of Silicon Valley Bank and Signature Bank earlier this month.

The committee will hear from senior officials at the Federal Reserve, Treasury Department, and the Federal Deposit Insurance Corporation as they grill the financial experts on what regulators did — or didn’t do — to prevent the banking failures. The hearing is the first of several as lawmakers seek to determine the cause of the banking failures and consider measures to prevent future shortcomings.

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Lawmakers have already begun pressing for answers on the banking failures, with senators on the Finance Committee questioning Treasury Secretary Janet Yellen on the matter during a separate hearing on her department’s proposed budget for 2024 last week.

Additionally, Sen. Sherrod Brown (D-OH) sent a letter to the Treasury, the Fed, and the FDIC, urging the government agencies to conduct a comprehensive review of the bank’s collapse that led to a strain on the nation’s financial system. As part of that request, Brown pressed the agency to implement stronger banking regulations “to prevent failures and mitigate contagion.”

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The hearing comes as lawmakers on both sides of the aisle seek to address the collapse of SVB and Signature Bank, which prompted a frenzy and strain on the national stock market earlier this month.

The panel on Tuesday will include testimony from Michael Barr, the Fed’s vice chairman for supervision; Nellie Liang; under secretary for domestic finance for the Treasury; and Martin Gruenberg, chairman of the FDIC. The hearing is scheduled to begin at 10 a.m.