Treasury Secretary Janet Yellen tells Congress the U.S. banking system 'remains sound' after two bank failures stirred economic fears.
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"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," she said. "This week's actions demonstrate our resolute commitment to ensure that depositors' savings remain safe.
That included guaranteeing the protection of all Silicon Valley Bank and Signature Bank deposits, which many Republicans have slammed as a prioritization of the rich.
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