Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector

0 0

Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector

knife

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 she noted that Congress should review the Federal Deposit Insurance Corporation’s (FDIC) insurance methods. However, Yellen emphasized that she has “not considered or discussed anything having to do with blanket insurance or guarantees of deposits.”

Yellen stated that decisions would likely be made on a case-by-case basis if other banks fail and are deemed a “systemic risk exception.” She added that “we are likely to invoke the systemic risk exception, which permits the FDIC to protect all depositors, and that would be a case-by-case determination.” The unscheduled meeting with Yellen and the FSOC on Friday will include members of the U.S. Federal Reserve and several other financial regulatory agencies.

What are your thoughts on the government’s recent interventions in the banking sector, and do you believe that they will be effective in stabilizing the system? Share your thoughts about this subject in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 27,174.28
ethereum
Ethereum (ETH) $ 1,905.18
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.52
usd-coin
USD Coin (USDC) $ 0.999472
xrp
XRP (XRP) $ 0.525082
staked-ether
Lido Staked Ether (STETH) $ 1,902.85
cardano
Cardano (ADA) $ 0.378357
dogecoin
Dogecoin (DOGE) $ 0.072697
solana
Solana (SOL) $ 21.24
matic-network
Polygon (MATIC) $ 0.896815
litecoin
Litecoin (LTC) $ 94.98
tron
TRON (TRX) $ 0.07682
polkadot
Polkadot (DOT) $ 5.27
binance-usd
Binance USD (BUSD) $ 0.999809
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.45
dai
Dai (DAI) $ 0.99992
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,226.29
uniswap
Uniswap (UNI) $ 5.06
leo-token
LEO Token (LEO) $ 3.60
chainlink
Chainlink (LINK) $ 6.43
cosmos
Cosmos Hub (ATOM) $ 10.61
okb
OKB (OKB) $ 46.28
monero
Monero (XMR) $ 145.74
ethereum-classic
Ethereum Classic (ETC) $ 18.12
the-open-network
Toncoin (TON) $ 1.74
stellar
Stellar (XLM) $ 0.092209
bitcoin-cash
Bitcoin Cash (BCH) $ 114.65
filecoin
Filecoin (FIL) $ 4.96
internet-computer
Internet Computer (ICP) $ 4.80
true-usd
TrueUSD (TUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 2.31
aptos
Aptos (APT) $ 8.98
quant-network
Quant (QNT) $ 119.21
hedera-hashgraph
Hedera (HBAR) $ 0.050658
arbitrum
Arbitrum (ARB) $ 1.24
crypto-com-chain
Cronos (CRO) $ 0.059365
near
NEAR Protocol (NEAR) $ 1.62
vechain
VeChain (VET) $ 0.019867
the-graph
The Graph (GRT) $ 0.130784
apecoin
ApeCoin (APE) $ 3.15
algorand
Algorand (ALGO) $ 0.152157
the-sandbox
The Sandbox (SAND) $ 0.569772
paxos-standard
Pax Dollar (USDP) $ 0.998858
eos
EOS (EOS) $ 0.907062
edgecoin-2
Edgecoin (EDGT) $ 1.00
frax
Frax (FRAX) $ 0.999595
rocket-pool
Rocket Pool (RPL) $ 49.32
elrond-erd-2
MultiversX (EGLD) $ 37.52
render-token
Render (RNDR) $ 2.59
optimism
Optimism (OP) $ 1.46
aave
Aave (AAVE) $ 63.64
fantom
Fantom (FTM) $ 0.321714
decentraland
Decentraland (MANA) $ 0.484016
theta-token
Theta Network (THETA) $ 0.846381
blockstack
Stacks (STX) $ 0.614112
tezos
Tezos (XTZ) $ 0.910296
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,045.94
axie-infinity
Axie Infinity (AXS) $ 7.10
immutable-x
ImmutableX (IMX) $ 0.811645
havven
Synthetix Network (SNX) $ 2.38
flow
Flow (FLOW) $ 0.729536
usdd
USDD (USDD) $ 0.999846
radix
Radix (XRD) $ 0.072418
bitdao
BitDAO (BIT) $ 0.50125
gala
GALA (GALA) $ 0.030132
neo
NEO (NEO) $ 10.25
kucoin-shares
KuCoin (KCS) $ 7.38
whitebit
WhiteBIT Token (WBT) $ 4.91
curve-dao-token
Curve DAO (CRV) $ 0.853113
bitget-token
Bitget Token (BGB) $ 0.470626
injective-protocol
Injective (INJ) $ 7.91
bitcoin-sv
Bitcoin SV (BSV) $ 32.76
gatechain-token
Gate (GT) $ 4.39
maker
Maker (MKR) $ 666.04
conflux-token
Conflux (CFX) $ 0.285764
klay-token
Klaytn (KLAY) $ 0.185438
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
bittorrent
BitTorrent (BTT) $ 0.00000058565691
kava
Kava (KAVA) $ 1.01
iota
IOTA (MIOTA) $ 0.198454
chiliz
Chiliz (CHZ) $ 0.101067
pepe
Pepe (PEPE) $ 0.000001
casper-network
Casper Network (CSPR) $ 0.046625
pax-gold
PAX Gold (PAXG) $ 1,957.27
tokenize-xchange
Tokenize Xchange (TKX) $ 6.37
xdce-crowd-sale
XDC Network (XDC) $ 0.036451
sui
Sui (SUI) $ 0.951879
terra-luna
Terra Luna Classic (LUNC) $ 0.000085
compound-ether
cETH (CETH) $ 38.29
mina-protocol
Mina Protocol (MINA) $ 0.54358
gmx
GMX (GMX) $ 55.92
huobi-token
Huobi (HT) $ 2.98
tether-gold
Tether Gold (XAUT) $ 1,959.08
dash
Dash (DASH) $ 42.66
frax-share
Frax Share (FXS) $ 6.62
ecash
eCash (XEC) $ 0.000025
trust-wallet-token
Trust Wallet (TWT) $ 1.07
frax-ether
Frax Ether (FRXETH) $ 1,903.59