May 11, 2020 / 6:57 PM / 19 days ago

Fed's Quarles says U.S. banks, Fed may need to do more in crisis

(Reuters) - U.S. banks are “well-positioned” to support households and businesses during the coronavirus crisis, a top U.S. central banker said on Monday, lending to creditworthy firms, processing transactions and helping, as conduits for U.S. government economic support, to stabilize financial markets.

The banks may yet need to do more, Federal Reserve’s Vice Chair for Supervision Randal Quarles told the Senate Banking Committee in prepared remarks, and their health will depend on the health of the economy as a whole which in turn depends on the public health response to the pandemic.

At the Fed, he said, “more may be required of us before the current crisis ends. We can only pledge to do what this moment demands.”

Reporting by Ann Saphir; Editing by Chizu Nomiyama

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