"Regulators Affirm Soundness of U.S. Banking System Despite Recent Failures"

The US banking system remains "sound and resilient" despite stress on some institutions, according to the US Treasury's Financial Stability Oversight Council (FSOC). The multi-regulator body of financial regulators, led by Treasury Secretary Janet Yellen, met to discuss current conditions in the banking sector and noted that while some institutions have come under stress, the US banking system remains sound and resilient. The meeting came as markets continued to seesaw amid concerns that a two-week-old banking crisis sparked by the failures of Silicon Valley Bank and Signature Bank could worsen, spreading more runs on smaller banks.