Treasury Secretary Janet L. Yellen highlighted the federal government’s “swift response” to the failure of Silicon Valley Bank and Signature Bank.
In a joint statement, the U.S. Treasury, the FDIC and the Federal Reserve Board announced that all depositors, both insured and uninsured, of Silicon Valley Bank and Signature Bank, would be made whole for their deposits.
Treasury Under Secretary for Domestic Finance Nellie Liang asserted that a U.S. central bank digital currency must be able to: (i) serve as legal tender; (ii) convert one-for-one to other forms of central bank money (i.e., reserve balances or paper currency); and (iii) clear and settle almost instantly.
The Financial Action Task Force suspended Russia's membership in response to its "unprovoked and unjustified" invasion of Ukraine.
House Financial Services Committee Chair Patrick McHenry and a Republican colleague submitted a comment letter criticizing FinCEN's recently proposed beneficial ownership rule.