Janet Yellen is set to tell the Senate Finance Committee that the nation's banking system 'remains sound'
Treasury Secretary Janet Yellen testifies during a House Ways and Means Committee hearing on Capitol Hill March 10, 2023 in Washington, DC.WASHINGTON — 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.
“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. “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. 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.
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