Janet Yellen says the U.S. is ready to protect depositors at small banks if required

Treasury Secretary Janet Yellen said that depositors at small banks could be eligible for the same kind of protection extended to customers at two regional banks that failed this month. Yellen made the remarks at a speech she delivered to the American Bankers Association on March 21, 2023. (Jim Watson/AFP via Getty Images)

Treasury Secretary Janet Yellen suggested depositors at small banks might be eligible for the same kind of emergency government aid extended to customers at two regional banks that failed this month, while emphasizing that lenders of all sizes are critical to the U.S. economy.

The comments, made at a banking conference Tuesday, were intended to stress the U.S. commitment to protect the U.S. banking system – and the customers who trust their money in it.