Fed Chair Powell: Our Banking System is Sound and Resilient

Federal Reserve Chair Jerome Powell seeks to offer reassurance about the stability of the banking system following recent failures at Silicon Valley Bank and Signature Bank. He says actions have been taken to address the situation and says the Fed will continue to monitor things closely and use whatever tools are necessary. "Our banking system is sound and resilient with strong capital and liquidity...We are committed to learning the lessons from this episode, and to work to prevent events like this from happening again," Powell says. close