U.S. Treasury says FSOC agreed banking system sound

WASHINGTON (Reuters) – The U.S. Treasury said that the multi-regulator Financial Stability Oversight Council agreed in a meeting on Friday that the U.S. banking system remains “sound and resilient” despite stress on some institutions.

In a readout of the closed meeting held by videoconference, the Treasury said that FSOC participants heard a presentation on market developments from the staff of the Federal Reserve Bank of New York.

“The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient,” the Treasury said in a statement.

(Reporting by David Lawder; editing by Jonathan Oatis)