{"id":19101,"date":"2023-03-25T09:44:21","date_gmt":"2023-03-25T09:44:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/treasury-secretary-yellen-holds-unscheduled-meeting-with-top-financial-regulators-amid-turmoil-in-banking-sector-bitcoin-news\/"},"modified":"2023-03-25T09:44:21","modified_gmt":"2023-03-25T09:44:21","slug":"treasury-secretary-yellen-holds-unscheduled-meeting-with-top-financial-regulators-amid-turmoil-in-banking-sector-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/treasury-secretary-yellen-holds-unscheduled-meeting-with-top-financial-regulators-amid-turmoil-in-banking-sector-bitcoin-news\/","title":{"rendered":"Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country\u2019s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as the government\u2019s efforts last week failed to quell the country\u2019s financial calamity.<\/strong><\/p>\n

Janet Yellen Initiates Unscheduled Meeting With Country\u2019s Top Financial Regulators<\/h2>\n

The U.S. banking sector remains in turmoil following the collapse of three major banks two weeks ago and the federal government\u2019s measures to address the issues. On Friday afternoon, the four primary U.S. benchmark stock indexes are flat, and bank stocks from institutions like Truist, First Republic<\/a>, Pacwest Bancorp, and Western Alliance Bancorp have dropped lower than the previous day\u2019s close.<\/p>\n

A report<\/a> from Bloomberg states that U.S. Treasury secretary Janet Yellen has scheduled an unscheduled meeting with the country\u2019s top financial executives and the FSOC. Yellen\u2019s surprise meeting with the FSOC follows her recent commentary<\/a>, where she said that the government\u2019s recent intervention with Silicon Valley Bank<\/a> and Signature Bank<\/a> \u201cwas necessary to protect the broader U.S. banking system.\u201d In a speech given to the American Bankers Association, Yellen further emphasized that \u201csimilar actions could be warranted.\u201d<\/p>\n

In the report by Bloomberg\u2019s Christopher Condon, the meeting between Secretary Yellen and the FSOC is closed to the public, and the time of the event has not been disclosed. It is unclear what will come out of the meeting. Yellen also addressed the issue at the Senate Appropriations subcommittee, where she noted<\/a> that Congress should review the Federal Deposit Insurance Corporation\u2019s (FDIC) insurance methods. However, Yellen emphasized that she has \u201cnot considered or discussed anything having to do with blanket insurance or guarantees of deposits.\u201d<\/p>\n

Yellen stated that decisions would likely be made on a case-by-case basis if other banks fail and are deemed a \u201csystemic risk exception.\u201d She added that \u201cwe are likely to invoke the systemic risk exception, which permits the FDIC to protect all depositors, and that would be a case-by-case determination.\u201d The unscheduled meeting with Yellen and the FSOC on Friday will include members of the U.S. Federal Reserve<\/a> and several other financial regulatory agencies.<\/p>\n

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Banking<\/a>, benchmark<\/a>, Bloomberg<\/a>, collapse<\/a>, Congress<\/a>, deposit insurance<\/a>, depositors<\/a>, Exception<\/a>, FDIC<\/a>, federal government<\/a>, Federal Reserve<\/a>, financial stability<\/a>, First Republic<\/a>, indexes<\/a>, institutions<\/a>, intervention<\/a>, Janet Yellen<\/a>, Measures<\/a>, meeting<\/a>, Oversight Council<\/a>, Pacwest Bancorp<\/a>, Protect<\/a>, Regulators<\/a>, Regulatory Agencies<\/a>, Signature Bank<\/a>, Silicon Valley Bank<\/a>, stocks<\/a>, systemic risk<\/a>, Truist<\/a>, turmoil<\/a>, Western Alliance Bancorp<\/a><\/div>\n<\/div>\n

What are your thoughts on the government\u2019s recent interventions in the banking sector, and do you believe that they will be effective in stabilizing the system? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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