US Banking system remains "sound and resilient"

A direct quote from the minutes of the March 2023 Federal Reserve Open Market Committee meeting is:

Participants agreed that the US banking system remained sound and resilient.

Does this give you a warm and fuzzy feeling? Is the above quote the new "inflation is transitory" meme? I humbly ask this esteemed group for its insightes.

Thank you in advance for the well thought-out, civilized and insightful discussion that I'm sure will ensue.

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Heartlander · 80-89, M

If it was they wouldn't have to say so.

I took a peek at current federal banking regulations and they are as complicated and convoluted as our tax laws. our tax laws are so convoluted that it takes years for the IRS to audit a big corporation, and probably that long for the FDIC or the OCC to determine that a bank is solvent.