Federal Reserve governor Michelle Bowman on Tuesday said the U.S. banking system remained on solid footing in the first public speech from a policymaker after the high-profile failures of Silicon Valley Bank and Signature Bank.
: Bowman made short remarks acknowledging the fallout from those bank closures, which forced the Fed and other regulators to step in with emergency measures, during a speech that focused on innovation in the banking system.: "The U.S. banking system remains resilient and on a solid foundation, with strong capital and liquidity throughout the system," Bowman said, adding that the Fed "continues to carefully monitor developments in financial markets and across the financial system.
The Fed entered a "blackout period," which limits the extend to which officials can speak publicly, as Silicon Valley Bank was taken over by regulators last Friday.: Bowman spoke at a conference hosted by the Independent Community Bankers of America, a trade association for small banks.
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