The rate of bank failures has accelerated and appears likely to remain elevated for some time. While most banks remain sound, appropriately capitalized, and profitable, this can be difficult to remember in the midst of strained banking conditions and weekly bank failures.
The coordinated efforts and initiatives of the Federal Reserve, the U.S. Treasury Department, and other government agencies have contributed to the progress we have achieved in stabilizing the financial markets and the banking system. I think it is important to note that most of these efforts were directed at the system as a whole and were made available to banks of all sizes.