Fun

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

News Feed - 2023-03-25 02:03:17

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


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. Tags in this story Banking, benchmark, Bloomberg, collapse, Congress, deposit insurance, depositors, Exception, FDIC, federal government, Federal Reserve, financial stability, First Republic, indexes, institutions, intervention, Janet Yellen, Measures, meeting, Oversight Council, Pacwest Bancorp, Protect, Regulators, Regulatory Agencies, Signature Bank, Silicon Valley Bank, stocks, systemic risk, Truist, turmoil, Western Alliance Bancorp


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. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Moody"s Warns of Potential Financial Disruption Spillover Beyond US Banking Sector NEWS | 9 hours ago Terraform Labs CEO Do Kwon Faces Extradition to South Korea NEWS | 13 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: XMR Rises to 1-Month High, XRP Moves 4% Lower Next articleTerraform Labs CEO Do Kwon Faces Extradition to South Korea Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Bitcoin needs ‘low $40,000s’ for best bull market entry — 10x Research
Ciaran Lyons3 hours agoBitcoin needs ‘low $40,000s’ for best bull market entry — 10x ResearchA crypto analyst argues that Bitcoin’s price needs to return to levels seen around the launch of spot Bitcoin ETFs for
All in Bits to launch governance blockchain ahead of Cosmos Hub fork
Tristan Greene5 hours agoAll in Bits to launch governance blockchain ahead of Cosmos Hub forkDueling visions from estranged co-founders Jae Kwon and Ethan Buchman could test the limits of decentralization.3860 Total view
Arijit Sarkar13 hours agoHong Kong regulator issues tokenized investments requirements amid demandThe intent behind the tokenization of SFC-authorized investment products is tied to rising market demand and the governmen
Avalanche Adding Fiat Payments via Alchemy Pay (ACH) Integration
Avalanche Adding Fiat Payments via Alchemy Pay (ACH) Integration press release PRESS RELEASE. Avalanche has announced the integration of flexible fiat payment on-ramps on their netw
Solana prevents potential outage, patches critical vulnerability
Ezra Reguerra1 hour agoSolana prevents potential outage, patches critical vulnerabilitySolana validator Laine said that an attacker could have attempted to reverse engineer the vulnerability, which could have halted the
MicroStrategy Could Be Forced To Dump Bitcoin Under These Circumstances, Michael Saylor Responds
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Australian crypto firm Finder’s Earn product was complaint, court finds
Jesse Coghlan3 hours agoAustralian crypto firm Finder’s Earn product was complaint, court findsThe court dismissed the corporate regulator’s legal action, saying Finder Earn wasn’t a debt security and didn’t requ
Brayden Lindrea2 hours agoBad news for Ripple? LBRY judge passes ruling on if secondary crypto sales are securitiesIn January, lawyer John Deaton persuaded the Judge in the SEC vs. LBRY case that secondary LBC token sale
Sygnum bank to tokenize $50M of Matter Labs’ reserves for transparency
Derek Andersen5 hours agoSygnum bank to tokenize $50M of Matter Labs’ reserves for transparencyThe crypto-forward banking group is tokenizing funds in the Fidelity Institutional Liquidity Fund, the first time it has to
Paraguay Eyed as New Bitcoin Mining Destination
Paraguay Eyed as New Bitcoin Mining Destination Paraguay is one of the destinations being considered by various companies for setting up their bitcoin mining operations. Last week,
Crypto Firm Voyager Digital Secures a $500M Line of Credit From Alameda Ventures to Cope With 3AC Exposure
Crypto Firm Voyager Digital Secures a $500M Line of Credit From Alameda Ventures to Cope With 3AC Exposure Three days ago, Bitcoin.com News reported on the publicly listed company
David Attlee11 hours agoWyoming stablecoin: Are state digital currencies even possible?The Stable Token Commission continues researching the potential implementation of stable tokens in Wyoming.647 Total views28 Total sh