Yellen says the federal government had to intervene to “protect the broader US banking system” and they’re ready to do it again.
- Silicon Valley Bank , Silvergate and Signature- Treasury Secretary Janet Yellen said the federal government is ready to take action if needed.of excerpts from a speech Yellen will give on Tuesday at the American Bankers Association in Washington D.C., the Treasury Secretary said:
“Our intervention was necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion.” Yellen is set to defend recent measures taken by the government to defend the banks and the greater economic impact of the situation, calling the government actions “decisive and forceful actions.”
Additionally she said the government intervention helped to maintain the"important role" of small and mid-size lenders in the U.S. economy. “The Treasury is committed to ensuring the ongoing health and competitiveness of our vibrant community and regional banking institutions.”
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