US Treasury Secretary Janet Yellen said on Tuesday that she did not want to speculate on what adjustments should be made regarding bank supervision and regulation in the United States
WASHINGTON (Pakistan Point News / Sputnik - 21st March, 2023) US Treasury Secretary Janet Yellen said on Tuesday that she did not want to speculate on what adjustments should be made regarding bank supervision and regulation in the United States.
"There's time to evaluate whether some adjustments are necessary in supervision and regulation to address the root causes of the crisis," Yellen said at the American Bankers Association summit. "I don't want to speculate at this point on what those adjustments might be."
Yellen pointed out that she was currently focused on stabilizing the banking system and restoring the confidence of depositors.
The Treasury Secretary noted that the post-crisis reforms have greatly improved capital standards and other important improvements in supervision.
Yellen also said that Federal Reserve Vice Chair for Supervision Michael Barr would undertake a "thorough review" of Silicon Valley Bank's recent failure and determine the next steps in dealing with the situation.
