A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen is set to tell the Senate Finance Committee that the nation's banking system “remains sound” and Americans can feel “confident” about their deposits.
is set to tell the Senate Finance Committee that the nation's banking system “remains sound” and Americans"can feel confident” about their deposits.the decision to protect uninsured money“The government took decisive and forceful actions to strengthen public confidence” in the U.S. banking system, Yellen says in prepared testimony released before her appearance.
Lawmakers will likely question whether the money committed to make depositors whole is a bailout, the degree to which taxpayers will be on the hook for the intervention and the possibility of new regulation impacting the banking system. Yellen said on CBS' “Face the Nation” last Sunday that a bailout was not on the table, stating, “we’re not going to do that again," referring to the U.S. government's response to the 2008 financial crisis, which led to massive government rescue policies to large U.S. banks.
Yellen, a former Federal Reserve chair and past president of the San Francisco Federal Reserve during the 2008 financial crisis, was a leading figure in the resolution this past weekend, which was engineered to prevent a wider systemic problem in the banking sector. "This week’s actions demonstrate our resolute commitment to ensure that depositors’ savings remain safe,” she says in her Thursday testimony.Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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