Treasury Secretary Janet Yellen is set to tell Congress that the US banking system is “sound” and Americans can feel “confident” about their deposits a week after the second-largest bank collapse in the nation’s history.
Ms Yellen’s testimony before the Senate Finance Committee on Thursday will make her the first Biden administration official to face lawmakers over the decision to protect uninsured money at Silicon Valley Bank and Signature Bank, a move that some observers have criticized as a “bailout.”
