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Yellen to chair previously unscheduled FSOC meeting on Friday - reports

AuthorScott Kanowsky
Published 03/24/2023, 11:10 AM
Updated 03/24/2023, 11:20 AM
© Reuters

By Scott Kanowsky 

Investing.com -- U.S. Treasury Secretary Janet Yellen is set to chair a closed meeting of the Financial Stability Oversight Council (FSOC) on Friday, according to media sources citing a statement from the department.

It was not immediately clear when the previously unscheduled meeting would begin, nor if the council would provide further details about their discussions.

The gathering comes as regulators continue to try to assuage market concerns over the health of the financial sector following a bank run sparked by the failure of Silicon Valley Bank two weeks ago.

The body of financial regulators includes the heads of the Federal Reserve, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and other regulatory agencies. The FSOC is tasked with identifying risks to U.S. financial stability, although it has little legal authority.

Latest comments

Red flag #1 Unscheduled meeting , not much to say after that , any action is a bad reaction. Clearly indicates a problem.
You never know that Yellen may be planning to mess up more depend on which side that her rich friends are investing.
grandma got run over by a bank run
I´m taking my money out of banks. the FED just created a bigger problem than inflation.
yep - Yellen couldn't chair a chimps tea party-  she's utterly clueless and is waaaaaaay out of her depth
Dont try to create false news.. This is paid media to report as long panic havoc happen.. Paid by some stupid billionaire
Get your cash out of the banks NOW and buy gold
Why a closed meeting? Are we not a free and open society? What is she hiding??
It's fine for US to have closed meetings but any other country is deemed Communist if they try it.
  We don't communist countries communist just for having closed meetings.
A lot of people here have been whining the Fed should not make public statements.
A committee of committees with no real power. Sounds great. How much money do these guys make to sit and do nothing but watch?
Sit and talk --  democracy in action.
Regulators messed it up, so they started more regulatory agencies to mess it up more.
The biggest risk to financial stability is the US government. The FSOC meeting will do more harm than good.
Agreed. The government needs to be more proactive and STOP issuing unnerving statements. They need to build up confidence .
They should stop increasing the rate of interest as anyways it ain't making much difference. Other tools could be deployed
The problem with the rate hikes is that they started to late. The steepness of the rate climb is unprecedented. Nothing like displaying erratic behavior and then wondering why nobody is following. Unfortunately the impacts are devastating.
This banking crisis was sparked by lawmakers and regulators trying to suppress and marginalize a legal business. Like it or not, cryptocurrency IS legal…lawmakers like Sen. Warren have been sidestepping legal avenues to further their vendetta’s against trade. They need to butt out of business and stop trying to control our economy.
For a "legal business", there has been a lot of frauds.
The fed is an embarrassment
as is Yellen and the Treasury dept - her performance yesterday in Congress was utterly shameful - clueless old lady
Weekend band holiday?? Get your money out today and buy GOLD She only knows how to print her way out- which is fuel on the inflation FIRE. All fiat is getting destroyed because of the central banks- as they buy gold
This sounds like an emergency. Trying to find a fire extinguisher 🧯? I think it is too late.Soon there may be a run on the banks.
Meetings happen all the time
It also includes her own departments regulators including the OCC which has failed to proactively take action on interest rate risks.
Trump's banking de-regulation limits the OCC power "to proactively take action on interest rate risks."
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