According to the Treasury Department’s daily media advisory, Janet Yellen will lead a confidential Financial Stability Oversight Council meeting on Friday morning.
Two weeks after authorities liquidated Silicon Valley Bank (SIVB.O), a bank-run contagion problem began, the Treasury statement gave no specifics about the FSOC meeting.
The Treasury, Federal Reserve, FDIC, SEC, and other financial regulators meet periodically to review U.S. financial stability issues and monitoring.
The conference comes as global banking contagion fears again drove bank stocks down. European heavyweights Deutsche Bank and UBS were hit by concerns that regulators and central banks have not yet contained the greatest sector shock since the 2008 global financial crisis.
On Thursday, Yellen told U.S. lawmakers that she would repeat the Silicon Valley and Signature Bank failures to protect uninsured bank accounts.
Yellen, President Joseph Biden, the FDIC, and the Fed, which regulated Silicon Valley and Signature, invoked “systemic risk exclusions.”
Friday’s meeting includes the leaders of the SEC, the National Credit Union Administration, the Office of the Comptroller of the Currency, which governs national banks and federal savings organizations, and other regulators.
The organization has been preparing new financial laws to integrate climate change risk management into the regulatory framework in recent months.
On Wednesday, Yellen told a Senate committee on non-bank financial sector risks that the oversight council was revising instructions to restore its ability to designate non-bank financial organizations as systemically significant. Instead, designated institutions would be regulated more.
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