Recent actions to protect the U.S. economy Recent actions to protect the U.S. economy

March 13, 2023

To address recent events in the U.S. banking system, Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg issued a joint statement on March 12. The Federal Reserve Board of Governors also announced on Sunday it will make available additional funding to eligible depository institutions to help assure banks can meet their depositors’ needs. On Monday, March 13, the Board announced that Vice Chair for Supervision Michael S. Barr is leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The review will be publicly released by May 1.

The Federal Reserve System is closely monitoring conditions across the financial system.

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