In a semiannual review of its regulatory policy initiatives, the Federal Reserve Board said that it was taking steps "to enhance the speed, force, and agility of its supervision to reflect lessons learned from the recent U.S. bank failures and its supervision of Silicon Valley Bank."

The Inter-Agency Working Group for Treasury Market Surveillance reported progress on efforts to ensure that the Treasury market "remains the deepest and most liquid market in the world and a central component of the financial system."

Federal Reserve Board Governor Michelle W. Bowman advocated for a balanced approach of prudent supervision and international collaboration to address financial stability risks.

Federal Reserve Board Governor Michelle W. Bowman recommended steps to ensure that banking reforms focus on "remediating identified issues" and that supervisory priorities are "aligned with the most pressing needs demonstrated by recent events."

Federal Reserve Board Vice Chair for Supervision Michael S. Barr touted the "wave of innovation in the payments system" and argued the need for legislative and regulatory action on stablecoins "before significant risks emerge."