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US Treasury Secretary, Janet Yellen, has called an unscheduled meeting with top financial regulators. Moreover, Bloomberg reported the meeting will be closed to the public, and feature the Financial Stability Oversight Council (FSOC).
The meeting takes place amidst the growing turmoil within the nation’s banking sector. Specifically, Yellen is reportedly calling on regulators to address market and depositors’ concerns, with leaders of the Federal Reserve, and the FDIC.
US Treasury Calls Closed FSOC Meeting
Following what was the most important FOMC meeting in some time, the Federal Reserve opted to once again raise interest rates. Subsequently, the decision drew some criticism over the decision amidst continued worry within the country’s banking sector. A factor that is set to be addressed today.
US Treasury Secretary Janet Yellen has called a previously unscheduled meeting with top financial regulators. Moreover, Bloomberg has reported that the meeting will be closed to the public, and feature leaders of the Federal Reserve and FDIC.
The meeting was announced in a statement, with no mention of subsequent comments on its happenings. Additionally, Bloomberg noted that the meeting is directly connected to the banking closures of the past weeks; including Silicon Valley Bank, and the near-failure of Credit Suisse.
Among those in the FSOC are the heads of both the Federal Reserve and FDIC, as well as “several other regulatory agencies.” Conversely, the FSOC, “has little legal authority but serves as a coordinating forum.”
Actions of the Federal Reserve, and the FDIC, have come under scrutiny recently. Following their decision to protect depositors affected by the SVB collapse. Moreover, the meeting will likely see these top financial authorities meet to continue their efforts it’s addressing the growing panic within the banking sector.
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