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How's The Banking System? Janet Yellen Calls Unscheduled FSOC Meeting To Address Financial Commotion

Benzinga ·  Mar 25, 2023 00:35
  • Treasury Secretary Janet Yellen will assemble the heads of top U.S. financial regulators for a previously unscheduled meeting of the Financial Stability Oversight Council (FSOC).
  • The meeting will be closed to the public, the Treasury Department said in a statement. The Treasury did not disclose the time of the meeting.
  • Also Read: European Bank Trouble: Deutsche Bank Stock Under Pressure Due To Higher Costs Of Default Insurance.
  • The step comes as regulators try to manage the upheaval caused in the financial markets and among bank depositors following the recent failure of two mid-sized US-based banks.
  • Added to the uncertainty was the near-collapse of the Swiss banking giant Credit Suisse Group AG (NYSE:CS) before its government-brokered its rescue by UBS Group AG (NYSE:UBS).
  • US financial regulators have come under pressure to clarify their readiness to guarantee uninsured bank deposits.
  • Photo via Wikimedia Commons
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