Yellen to chair financial stability council meeting as bank worries persist
Treasury Secretary Janet Yellen will convene a meeting of the Financial Stability Oversight Council Friday.
FSOC comprises the heads of the nation’s top financial regulators, and was created in the wake of the 2008 financial crisis to enable the government to coordinate efforts at combating systemic risks to the U.S. economy.
The announcement comes amid concerns over the health of the banking sector following the recent failures of Silicon Valley Bank and Signature Bank.
The uncertainty is being felt overseas as well with shares of Germany’s Deutsche Bank
DB,
slumping as its credit default swaps widened.
Financial sector equities
XLF,
were under pressure Friday, ranking as the worst performing sector in the S&P 500
SPX,
in morning trade.
