Investors have dumped banking stocks globally over the past two weeks theSun theSundaily WashingtonDC Finance USCongress FederalReserve
Cherry blossoms blooming on the grounds of the US Capitol in Washington on Monday, March 27, 2023. The Treasury undersecretary for domestic finance will testify before the Senate Banking Committee on Tuesday, March 28. – AFPpicThe US government will continue using its tools to prevent contagion in the banking sector, as warranted, to ensure Americans’ deposits are safe, the Treasury undersecretary for domestic finance, Nellie Liang, will tell the US Congress on Tuesday .
“We continue to closely monitor developments across the banking and financial system,” Liang said in the remarks. “As Secretary Yellen has said, we have used important tools to act quickly to prevent contagion. And they are tools we would use again if warranted to ensure that Americans’ deposits are safe.”
Liang said recent developments were “very different” from those during the global financial crisis of 2008-2009, when many institutions came under stress because they held low-quality credit assets.
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