US Regulators Confirm Soundness of Banking System Despite Closed Meeting and Goldman Sachs Debacle

The US Treasury's Financial Stability Oversight Council held an unscheduled, closed meeting where the Federal Reserve Bank of New York staff gave a presentation on market developments, concluding that the US banking system "remains sound and resilient." The council also discussed member agencies' efforts to monitor financial developments. The transparency of the FSOC was criticized by House Financial Services Committee Subcommittee Chairs Andy Barr and Bill Huizenga, who asked for unredacted minutes of previous meetings.