“I can reassure the members of the committee that our banking system remains sound,” Treasury Secretary Janet Yellen told Congress.
| Treasury Secretary Janet Yellen told Congress on Thursday that the US banking system remains sound, seeking to reassure lawmakers, depositors and investors amid concerns about how the sector is regulated.
“I can reassure the members of the committee that our banking system remains sound,” Janet Yellen said.and worries over financial stability after the rapid-fire collapse of three regional US banks and troubles at Credit Suisse Group. While Ms Yellen’s testimony was scheduled to discuss President Joe Biden’s 2024 budget, the recent events in the banking industry and subsequent action by US regulators is also a topic at the hearing.US authorities took extraordinary steps last weekend to shore up confidence following the failure of SVB and Signature Bank, including a new backstop for lenders that Federal Reserve officials said was large enough to guarantee the nation’s deposits.
The Treasury Department was actively reviewing the US financial industry’s exposure to Credit Suisse, while Treasury officials were working closely with the Federal Reserve and European regulators, Bloomberg News reported earlier in the day.When turmoil crops up across the global financial system, Treasury typically reaches out to major banks to gather data that will inform their next steps.
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