The Financial Stability Oversight Council will continue to monitor developments in the economic sphere.

The U.S. financial system continues to function properly against the background of the situation around Ukraine. This conclusion was reached at a meeting by members of the National Council for Supervision of Financial Stability.

“During the meeting, the council received updated information from employees of its member agencies on developments in international markets in connection with the unjustified invasion of the Russian Federation into Ukraine. The Council noted that the US financial system continues to function properly. The Council will continue to monitor developments in the financial sector,” a statement issued by the U.S. Treasury Department following the meeting said.

The meeting was held via videoconference. The council is chaired by U.S. Treasury Secretary Janet Yellen. The meeting was also attended by the heads of the Federal Reserve, the Federal Securities and Exchange Commission of the United States and a number of other American agencies.