Treasury secretary attempts to reassure nervous investors that emergency measure succeeded and bank deposits ‘will be there’
, told Congress on Thursday that despite two US bank failures over the past week the US banking system “remains sound”.and Signature Bank last weekend were “decisive and forceful actions to strengthen public confidence in our banking system”, Yellen told the Senate finance committee.
“Shareholders and debtholders are not being protected by the government. Importantly, no taxpayer money is being used or put at risk with this action. Deposit protection is provided by the Deposit Insurance Fund, which is funded by fees on banks,” Yellen said. Yellen later responded that the Fed, the Treasury and government insurers had stepped in because they “recognized a serious risk of contagion that could have brought down and triggered runs on many banks”.
In response to senators’ questions, Yellen said: “I consider inflation the number one economic problem that all of us need to face and and address.” She said high inflation was “the president’s top priority” and “many factors” had contributed to it, and it was “critical” for the Fed to address it.
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