Financial Stability Oversight Council Releases 'Nothingburger' Statement• https://www.zerohedge.com by Tyler Durden
Today, U.S. Secretary of the Treasury Janet L Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive session by videoconference.
During the meeting, the Council heard a presentation from staff of the Federal Reserve Bank of New York on market developments.
The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient.
The Council also discussed ongoing efforts at member agencies to monitor financial developments.
In attendance at the Council meeting by videoconference were the following members:
Janet L. Yellen, Secretary of the Treasury (Chairperson of the Council)
Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System
Michael J. Hsu, Acting Comptroller of the Currency
Rohit Chopra, Director, Consumer Financial Protection Bureau
Gary Gensler, Chair, Securities and Exchange Commission
Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation
Rostin Behnam, Chairman, Commodity Futures Trading Commission
Sandra L. Thompson, Director, Federal Housing Finance Agency
Todd M. Harper, Chairman, National Credit Union Administration
Thomas Workman, Independent Member with Insurance Expertise
James Martin, Acting Director, Office of Financial Research (non-voting member)
Steven Seitz, Director, Federal Insurance Office (non-voting member)
Elizabeth K. Dwyer, Superintendent of Financial Services, Rhode Island Department of Business Regulation (non-voting member)
Adrienne A. Harris, Superintendent, New York State Department of Financial Services (nonvoting member)
Melanie Lubin, Securities Commissioner, Office of the Attorney General of Maryland, Securities Division (non-voting member)
And this comes after Yellen said no industry-wide deposit guarantees and Powell raised rates... not exactly confidence-building.
We suspect markets will be 'testing' that resilience agains oon.