3/27, 5:56 PM (Source: TeleTrader)
more TeleTrader news

Fed's Barr: US banking system sound, resilient

Federal Reserve's Supervision Vice Chair Michael Barr is scheduled to reiterate on Tuesday that the United States banking system remains "sound and resilient, with strong capital and liquidity."

Barr noted in his introductory statement before the Senate banking committee published on Monday that the Fed will perform a thorough review of Silicon Valley Bank's collapse, and unveil the results of the investigation by May.

The probe's focus will be on whether the Fed's supervision was appropriate for the rapid growth and vulnerabilities of the bank, he explained, concluding that the Fed will work on improving the resilience of the banking system in the wake of the crash that has caused large-scale destabilization of the sector in previous weeks.

Baha Breaking News (BBN) / ND