Yellen Reaffirms Strength of US Banking System in Meeting with Bank CEOs -Treasury
13:10 JST, May 19, 2023
WASHINGTON, May 18 (Reuters) – U.S. Treasury Secretary Janet Yellen reaffirmed the strength and soundness of the country’s banking system in a meeting with bank CEOs on Thursday, a Treasury Department statement said.
During the meeting with more than two dozen CEOs and executives convened by the Bank Policy Institute, Yellen also discussed the “urgent need” for Congress to address the debt limit, the statement said.
Yellen’s meeting with bank executives came as part of BPI’s annual CEO meeting in Washington, which has seen top banking officials also meet with other government officials. A BPI spokesperson declined to comment on the meeting.
While the meeting with Yellen was scheduled months in advance, according to a source familiar with the matter, it came amid a tumultuous time for banks and financial markets.
The banking sector is endeavoring to shake off several weeks of turmoil spurred by the sudden failure of Silicon Valley Bank, which led to regulators seizing two more failing institutions and backing uninsured depositors in an effort to tamp down fears of broader contagion.
The meeting also comes as government officials are looking for an agreement to raise the nation’s borrowing cap. Yellen and other officials have warned that a failure to do so could unleash chaos on financial markets, as the U.S. government would not be able to meet its obligations as early as June 1.
“She outlined how a failure to raise or suspend the debt limit would be catastrophic for the financial system, as well as American families and businesses, and underscored the Administration’s belief that the debt limit should be addressed without delay,” the Treasury said in its statement.
President Joe Biden and top U.S. congressional Republican Kevin McCarthy have been negotiating over a potential deal to raise the borrowing cap.
"News Services" POPULAR ARTICLE
-
FBI Identifies Thomas Matthew Crooks as ‘Subject Involved’ in Trump Rally Shooting
-
Donald Trump Whisked off Stage in Pennsylvania after Apparent Gunshots Rang Through the Crowd
-
Japanese Executive among 11 Arrested in Myanmar for Inflating Rice Prices
-
Japan’s Nikkei Reclaims 40,000 Level on Weak Yen, Foreign Buying (UPDATE 1)
-
U.S. President Joe Biden Drops Out of the 2024 Race after Disastrous Debate Inflamed Age Concerns
JN ACCESS RANKING
- Prices of over 10,000 Food and Beverage Items to Rise This Year; Figure is down from over 30,000 Last Year
- Sony Group to End Production of Blu-ray Discs; Market Has Shrunk Due To Growth Of Hard Disk Drives, Streaming
- Japan Ministry Concerned Over Same-Sex Couple Receiving City-Issued Resident Certificates Referring to ‘Common-Law Husband’
- Japan Court OKs Sex Change without Surgery
- Pacific Islands Leaders Not Totally in Tune on China Approach as Meeting Ends in Tokyo; Positions Differ on Treated Water, Joint Drills