Treasury Sec. Yellen is defending the government’s intervention in the financial system and suggesting it could provide further guarantees of deposits if the banking crisis worsens. kaylatausche reports.
Treasury Secretary Janet Yellen said Tuesday that the government is willing to take further action to guarantee bank deposits are safe.
In remarks prepared for a speech to the American Bankers Association, the former Federal Reserve chair said authorities believe they have taken appropriate actions to stem liquidity problems in the sector, but will do more if needed. The comments come in the wake of several bank failures, most notably Silicon Valley Bank and Signature Bank. Customers worried that liquidity problems caused by duration risk with the banks' holdings could cause similar banks not to be able to meet deposit requirements.
that allowed banks to meet their short-term borrowing needs. One, called the Bank Term Funding Program, provided one-year loans against safe securities at full face value, while the other expanded the Fed's discount window.
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