Treasury Secretary Janet Yellen is trying to project calm after regional bank failures, saying the U.S. banking system is “sound.”
Treasury Secretary Janet Yellen testifies before the Senate Finance Committee about President Joe Biden's proposed budget request for the fiscal year 2024, March 16, 2023, on Capitol Hill in Washington.
Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall “the situation is stabilizing.”Yellen’s remarks come after a series of troubling bank developments this month.Silicon Valley Bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid anxiety over the bank’s health. It was the second-largest bank collapse in U.S. history.
The government is now determined to restore public confidence in the banking system and to prevent any more turmoil. The Justice Department and the Securities and Exchange Commission have launched investigations into the Silicon Valley Bank collapse, and President Joe Biden has called on Congress to strengthen rules on regional banks and to impose tougher penalties on executives of failed banks.
“Similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” she says.
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