The U.S. banking system is stabilizing after strong actions from regulators, but further steps to protect bank depositors may be warranted if smaller institutions suffer deposit runs that threaten more contagion, U.S. Treasury Secretary Janet Yellen plans to tell bankers on Tuesday.
In excerpts of prepared remarks to an American Bankers Association conference, Yellen said government steps taken in recent days to protect uninsured deposits in two failed banks and create new Federal Reserve liquidity facilities have shown a "resolute commitment to take the necessary steps to ensure that depositors’ savings and the banking system remain safe."
, will say the "decisive and forceful" actions were strengthening public confidence in the U.S. banking system and protecting the American economy. She said she believed the actions by the FDIC, the Federal Reserve and the Treasury had reduced the risk of further bank failures that would have imposed losses on the bank-funded Deposit Insurance Fund.Some banking groups have called for temporary universal guarantees on all U.S. bank deposits, a step that requires approval by Congress under expedited procedures.
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