WASHINGTON: The US banking and financial systems remain “safe, sound, strong and resilient,” despite the rapid collapse of two regional US banks last month, Federal Rese­rve governor Michelle Bow­man said on Friday.

Silicon Valley Bank (SVB) and Signature Bank failed in rapid succession last month following a rush for deposits by concerned customers.

US and European regulators took measures in the days that followed, which appear to have calmed the financial markets.

“While this episode has demonstrated that some changes may be warranted, I do not believe the failure of these two institutions is an indictment of the broader regulatory landscape,” Bowman said in prepared remarks.

The Fed and the Federal Deposit Insurance Corp­oration announced they are conducting separate reviews into their oversight of US banks in light of

the collapse of SVB and Signature Bank.

Published in Dawn, April 15th, 2023