Treasury Secretary Janet Yellen is trying to project calm after regional bank failures, saying the U.S. banking system is “sound.”
Treasury Secretary Janet Yellen testifies before the Senate Finance Committee about President Joe Biden's proposed budget request for the fiscal year 2024, March 16, 2023, on Capitol Hill in Washington.
Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall “the situation is stabilizing.”Yellen’s remarks come after a series of troubling bank developments this month.Silicon Valley Bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid anxiety over the bank’s health. It was the second-largest bank collapse in U.S. history.
The government is now determined to restore public confidence in the banking system and to prevent any more turmoil. The Justice Department and the Securities and Exchange Commission have launched investigations into the Silicon Valley Bank collapse, and President Joe Biden has called on Congress to strengthen rules on regional banks and to impose tougher penalties on executives of failed banks.
“Similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” she says.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Signature Bank taken over by Michigan-based Flagstar Bank after failureTreasury Secretary Janet Yellen has said the banking system 'remains sound' despite the recent bank failures.
Consulte Mais informação »
Treasury Secretary Yellen says the government could backstop more deposits if necessary to stop contagionTreasury Sec. Yellen is defending the government’s intervention in the financial system and suggesting it could provide further guarantees of deposits if the banking crisis worsens. kaylatausche reports.
Consulte Mais informação »
White House says talks in the works for Secretaries Yellen, Raimondo to visit China, discuss economic issuesA potential visit by Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo is in the works, National Security Council Spokesman John Kirby revealed Monday.
Consulte Mais informação »
Janet Yellen is selling bank crisis short as execs fear dozens more teeter on brinkThe ill-fated Silicon Valley, Signature banks, and today’s latest headache, First Republic, are the festering sores that signal an even greater degree of banking rot.
Consulte Mais informação »
Yellen says U.S. banks ‘stabilizing’ after emergency actions by Treasury, regulatorsTreasury Secretary Janet Yellen says the U.S. banking system is “stabilizing” after the failure of two banks and the rescue of a third institution led to concerns of a broader crisis in the industry.
Consulte Mais informação »
FLASHBACK: Treasury Sec. Yellen didn't 'believe' she’d see another financial crisis in her lifetimeTreasury Secretary Janet Yellen in 2017 remarked that she did not believe another financial crisis like the 2008 crash and Great Recession would happen again in our lifetime.
Consulte Mais informação »