Three top U.S. officials are likely to face pointed questions from lawmakers Tuesday about their oversight of Silicon Valley Bank and Signature Bank, as well as their response when the banks collapsed, the Wall Street Journal reported. In remarks prepared for the hearing, both Mr. Barr and Mr. Gruenberg said their agencies are preparing reports on the collapse of the banks, which they plan to release by May 1. Each of the three witnesses said in prepared remarks that U.S. banks are sound, adding that they would be ready to intervene if necessary to keep the financial system safe. SVB and Signature failed earlier this month after customers, fearing for the banks’ viability, drained billions of dollars in deposits. Federal regulators sought to stop the runs from spreading to other banks by invoking emergency powers to guarantee all deposits at SVB and Signature. The hearing is the first step on Capitol Hill in what could be a monthslong process probing how the two banks quickly failed and whether stricter supervision by financial regulators could have prevented their demise. Michael Barr, vice chair for supervision at the Federal Reserve; Martin Gruenberg, chairman of the Federal Deposit Insurance Corp.; and Nellie Liang, undersecretary of the Treasury for domestic finance, will testify before the Senate Banking Committee on Tuesday at 10 a.m. The three will appear before the House Financial Services Committee on Wednesday. Read more. (Subscription required.)

For full hearing information on today's Senate Banking Committee, including access to the live web stream and prepared witness testimony, please click here.