U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as the government’s efforts last week failed to quell the country’s financial calamity.
Janet Yellen Initiates Unscheduled Meeting With Country’s Top Financial Regulators
The U.S. banking sector remains in turmoil following the collapse of three major banks two weeks ago and the federal government’s measures to address the issues. On Friday afternoon, the four primary U.S. benchmark stock indexes are flat, and bank stocks from institutions like Truist, First Republic, Pacwest Bancorp, and Western Alliance Bancorp have dropped lower than the previous day’s close.
A report from Bloomberg states that U.S. Treasury secretary Janet Yellen has scheduled an unscheduled meeting with the country’s top financial executives and the FSOC. Yellen’s surprise meeting with the FSOC follows her recent commentary, where she said that the government’s recent intervention with Silicon Valley Bank and Signature Bank “was necessary to protect the broader U.S. banking system.” In a speech given to the American Bankers Association, Yellen further emphasized that “similar actions could be warranted.”
In the report by Bloomberg’s Christopher Condon, the meeting between Secretary Yellen and the FSOC is closed to the public, and the time of the event has not been disclosed. It is unclear what will come out of the meeting. Yellen also addressed the issue at the Senate Appropriations subcommittee, where
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Author: Jamie Redman
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