Treasury Secretary Yellen said Tuesday that 'the situation is stabilizing and the U.S. banking system remains sound,' in remarks to the American Bankers Association.
Treasury Secretary Janet Yellen takes questions on the Biden administration's plans, following the collapse of three U.S. lenders, on Capitol Hill in Washington, March 16, 2023.Treasury Secretary Janet Yellen said Tuesday that "the situation is stabilizing and the U.S. banking system remains sound," after regional bank failures have shaken the U.S. banking system.
She said the government's intervention in the failures of Silicon Valley Bank and Signature Bank were "necessary" -- and said "similar actions could be warranted" to protect smaller banks.
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