Treasury Secretary Janet Yellen says the US banking crisis is 'stabilizing' and the government could provide more backing for deposits
Treasury Secretary Janet Yellen said Tuesday the crisis of depositors leaving small and mid-sized US banks is"stabilizing," and should the problem worsen, the government could provide further support.
"Our intervention was necessary to protect the broader U.S. banking system," Yellen said in remarks for the American Bankers Association's meeting in Washington,."And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion." "The situation is stabilizing. And the U.S. banking system remains sound," Yellen said, according to multiple reports.
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