Bloomberg Law
March 24, 2023, 9:42 PM

Yellen’s Finance Council Says US Bank System Sound Amid Stress

Viktoria Dendrinou
Bloomberg Editorial
Christopher Condon
Christopher Condon
Bloomberg News

Top US regulators said Friday that while some banks are coming under stress the overall financial system is still sound, seeking to reassure depositors and investors rattled by recent bank failures.

The statement came after Treasury Secretary Janet Yellen convened the Financial Stability Oversight Council on Friday morning, a panel that includes the head of the Federal Reserve and the Federal Deposit Insurance Corp.

“The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the US banking system remains sound and resilient,” the Treasury Department said in a statement after ...

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