A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen told the Senate Finance Committee that the nation’s banking system “remains sound” and Americans “can feel confident” about their deposits.
Treasury Secretary Janet Yellen testifies before the Senate Finance Committee about President Joe Biden's proposed budget request for the fiscal year 2024, Thursday, March 16, 2023, on Capitol Hill in Washington.
“The government took decisive and forceful actions to strengthen public confidence” in the U.S. banking system, Yellen testified. “I can reassure the members of the committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them.”
The Justice Department and the Securities and Exchange Commission have since launched investigations into the Silicon Valley Bank collapse. Sen. Mike Crapo of Idaho, the committee’s top Republican, said, “I’m concerned about the precedent of guaranteeing all deposits,” calling the federal rescue action a “moral hazard.”
In Europe, troubles at Credit Suisse, Switzerland’s second-largest lender, have deepened concerns about the global financial system.
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