The multi-regulator U.S. Financial Stability Oversight Council agreed on Friday that the U.S. banking system remains 'sound and resilient' despite stress on some institutions, the U.S. Treasury said in its latest statement to calm jittery markets and bank depositors.
The body of financial regulators, led by Yellen and including the heads of the Federal Reserve, the Federal Deposit Insurance Corp , the Office of the Comptroller of the Currency, the Securities and Exchange Commission and other regulatory agencies, last met on March 12.
Two prominent House of Representatives Republicans on Friday demanded that Yellen provide them with additional information about the March 12 meeting, including unredacted minutes, votes, details on timing and bank stress test results. The Friday FSOC meeting came as global banking contagion fears again caused European bank stocks to fall sharply, with Deutsche Bank and UBSthat regulators and central banks have not yet contained the worst shock to the sector since the 2008 global financial crisis.
Yellen again sought to calm fears of further bank deposit runs on Thursday, telling U.S. lawmakers that she was prepared toin the Silicon Valley and Signature Bank failures to safeguard uninsured bank deposits if failures threatened more deposit runs.
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