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Silicon Valley Bank collapse: Yellen assures Congress banking system “remains strong” | FULL

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A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen told the Senate Finance Committee on Thursday that the nation’s banking system “remains sound” and Americans “can feel confident” about their deposits.

Yellen is the first Biden administration official to face lawmakers over the decision to protect uninsured money at two failed regional banks, a move that some Republicans have criticized as a bank “bailout.”

“The government took decisive and forceful actions to strengthen public confidence” in the U.S. banking system, Yellen said in testimony before the committee. “I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them.”

Thursday’s hearing, meant to address President Joe Biden’s budget proposal, comes after the sudden collapse of the nation’s 16th-biggest bank and go-to financial institution for tech entrepreneurs. While Yellen prepared to talk about spending proposals, the hearing inevitably turned to the government’s decision-making process to intervene in the bank failure.

For more info, please go to https://globalnews.ca/news/9545944/silicon-valley-bank-failure-no-bailout/

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Category
U.S. & Canada
Tags
global news, us banking system, us budget 2024
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