Yellen Says Bank System Remains Resilient in Wake of SVB Failure
- Treasury secretary convened meeting with Fed, FDIC, OCC
- Regulators ‘have effective tools’ to address developments
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The Biden administration on Friday reacted to the largest failure by a US lender in more than a decade, offering its assurance that the US financial system would weather fallout from the collapse of Silicon Valley Bank and that regulators were closely monitoring developments.
Treasury Secretary Janet Yellen said she had “full confidence in banking regulators to take appropriate actions in response,” adding that regulators “have effective tools” to address the situation.