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Regulators tell Biden U.S. financial system in good shape-White House

EconomyJun 22, 2021 04:29PM ET
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© Reuters. FILE PHOTO: U.S. President Joe Biden speaks next to Treasury Secretary Janet Yellen while receiving the weekly economic briefing in the Oval Office at the White House in Washington, U.S., April 9, 2021. REUTERS/Kevin Lamarque

By Trevor Hunnicutt

WASHINGTON (Reuters) - Financial regulators assured President Joe Biden on Monday that the U.S. financial system is in good shape and that financial risks are being mitigated by strong liquidity in the banking system, the White House said.

White House officials said Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and acting Comptroller of the Currency Michael Hsu, as well as the heads of the Commodity Futures Trading Commission, Securities and Exchange Commission, and the Consumer Financial Protection Bureau, were among those who met Biden.

The meeting was Biden's first face-to-face encounter with many of the leading federal regulators of the banking industry and financial markets, including Powell. The Fed chief was appointed by former President Donald Trump.

"The regulators reported that the financial system is in strong condition. They further indicated that financial risks are being mitigated by robust capital and liquidity levels in the banking system, and healthy household balance sheets stemming from fiscal support and the ongoing economic recovery," the White House said in a statement.

No policy decisions were expected to be made at the routine meeting, said White House press secretary Jen Psaki.

Biden is seeking to use trillions of dollars in government spending to prod a strong rebound from the coronavirus-triggered recession that put millions of Americans out of work.

A nearly 12% gain in the S&P 500 stock index this year has helped fuel hopes of a strong recovery, but markets are closely watching inflation and government borrowing costs for signs of trouble.

Biden issued https://www.reuters.com/business/environment/biden-directs-us-agencies-assess-mitigate-risks-climate-change-2021-05-20 an executive order in May pushing federal agencies to encourage full disclosure of often-hidden climate-related risks to banks, other financial institutions and the federal government.

The White House statement on the meeting said regulators reported that they were making "steady progress" on Biden's climate-related executive order, and discussed ideas for promoting financial inclusion and for "responsibly increasing access to credit for potential homeowners and small businesses."

Regulators tell Biden U.S. financial system in good shape-White House
 

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Comments (7)
Fairway Litchfield
Fairway Litchfield Jun 22, 2021 5:14PM ET
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Yellen is NOT the best person to listen to...... Career Politician....
Klaus Weyers
Klaus Weyers Jun 22, 2021 1:39AM ET
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the system will implode due to excessive debt..
Edward Lewis
Edward Lewis Jun 21, 2021 7:55PM ET
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Is that shape a giant phallus that they are shoving up the rear-end  of taxpayers?
Millennial Dip Buyer
Millennial Dip Buyer Jun 21, 2021 7:28PM ET
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QE printing day and night since 2008 with only minor tapering along the way and huge increases in 2020.  Yet, everything is "fine".
Ad Cline
Ad Cline Jun 21, 2021 7:28PM ET
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Igor ..you better hope the're right or you and your country are screwed.
Millennial Dip Buyer
Millennial Dip Buyer Jun 21, 2021 7:28PM ET
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Ad Cline My country?  Where do you think I'm from?
trevor hron
trevor hron Jun 21, 2021 7:28PM ET
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Need to pay for all those fancy yachts and jets!
Gary Hennessey
Gary Hennessey Jun 21, 2021 5:38PM ET
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most of the american public will believe these lies.when you have a fiat machine like the fed printing digitally *******ya thetes no issue!! run your household budget like these liars/morans.
Ad Cline
Ad Cline Jun 21, 2021 5:38PM ET
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Gary.. if you want a financial system that is stable and predictable you don't use your household budget idea to determine how you spend and invest in an international economy.
Klaus Weyers
Klaus Weyers Jun 21, 2021 5:38PM ET
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but you should.. smile
Edward Lewis
Edward Lewis Jun 21, 2021 5:37PM ET
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Why did they put on their masks if they are sitting 6 feet apart and both vaccinated? Oh right, just a performance for the cameras...like during G7 where the "world leaders" took photos with masks on an elbow bumped and then when they thought cameras were off took off their masks and hugged each other and shook hands.
Jan Novy
Jan Novy Jun 21, 2021 5:27PM ET
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U mean ponzi scheme still working?
 
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