Board of Governors of the Federal Reserve System

U.S. Resolution Plan Public Section October 2025 SMFG U.S. Resolution Plan October 2025 2 THIS PAGE IS LEFT BLANK INTENTIONALLY SMFG U.S. Resolution

and, together with the FRB, “Federal Reserve”) staff. In addition, we ...and/or Acquire an Additional Bank or Bank Holding Company—FR Y-3 (Type

and, more generally, the public interest. The Federal Reserve ■ conducts...and, as such, include some amounts that are based on management judgments

Treasury yields, a substantial widening of spreads on both investment-grade...fiscal stimulus--and to be expanding at a pace around or a bit above its

concerns about the impartiality and independence of the reviews. Additional...concern about the effectiveness of supervision. I have heard the argument

fiscal policy. However, the effects of the COVID-19 pandemic have continued...yields on nominal Treasury securities at longer maturities increased,

Treasury yields declined, equities appreciated, credit spreads tightened...Yields on Treasury bills and coupon securities maturing in the first half

Policy Institute, the American Bankers Association, the Financial Services

Treasury Department.3 The Treasury recently estimated that the fund attracts...concerns often reflect economic distress in the broader community: the

Policy Research Stanford University Stanford, California May 27, 2026 ...Policy Research (SIEPR), the economics department, the business school