Treasury Secretary Janet Yellen on Thursday told the Senate Finance Committee that the US banking system is “sound” and Americans can feel “confident” about their deposits in the wake of the second-largest bank collapse in America’s history late last week.
Speaking at the outset of a hearing to examine President Joe Biden’s budget request for the Treasury during the next fiscal year — the first appearance by an administration official at the Capitol since Mr Biden said the Federal Deposit Insurance Corporation would protect uninsured money at Silicon Valley Bank and Signature Bank, a move that some observers have criticised as a “bailout” — Ms Yellen said the decision showed the administration’s “resolve” to maintain Americans’ confidence in the US financial system.
