Remarks by Secretary of the Treasury Janet L. Yellen at the Open Session of the Meeting of the Financial Stability Oversight Council

As Prepared for Delivery This past year, the U.S. economy has been marked by a combination of developments that few thought possible. Inflation is down significantly, the unemployment rate is near historic lows, and economic growth is robust. This is the result of actions we’ve taken over the past four years, including our Administration’s focus on strengthening the resilience of the U.S. financial system. A resilient financial system is critical to a strong economy. And as the Financial Stability Oversight Council’s 2024 Annual Report shows, the Council has played a key role in increasing the resilience of the U.S. financial system. Today I’d like to speak to ongoing progress in three key areas, starting with the banking sector. In March of 2023, we acted quickly and decisively to prevent contagion from regional banking stress that could have destabilized the U.S.