Treasury Secretary Janet Yellen told lawmakers Thursday that the nation’s banking system “remains sound” and that Americans shouldn’t worry about their deposits, a week after the second-largest bank collapse in U.S. history.
“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,” she said.failed last week when depositors rushed to withdraw $42 billion in a single day and the bank couldn’t cover all the withdrawals. The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp.
The Justice Department and the Securities and Exchange Commission are investigating the bank’s collapse. Critics have called the government’s rescue plan a bailout, although President Biden has insisted that taxpayer money is not being used. Republicans, including Sen. Michael Crapo of Idaho, pressed Ms.
on whether the bank faced a cash crunch because its long-term debt lost value after a series of inflation-fighting interest rate hikes by the Fed in the past year.• Dave Boyer can be reached at
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Easy Loans, Great Service: Why Silicon Valley Loved Silicon Valley BankSilicon Valley Bank used financial sweeteners to attract clients, powering growth for decades—leaving the sector vulnerable when the bank collapsed
Consulte Mais informação »
Congress must hold to account those responsible for Silicon Valley Bank collapseOne of the benefits of being a Washington insider, from the president of the United States to the lowliest bureaucrat, is never having to admit your policies were wrong.
Consulte Mais informação »
Class action suit filed against Silicon Valley Bank parentA class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn't disclose the risks that future interest rate increases would have on its business.
Consulte Mais informação »
Silicon Valley Bank committed 'one of the most elementary errors in banking,' Larry Summers saysFormer Treasury Secretary Larry Summers said Silicon Valley Bank made an 'elementary' mistake in banking that led to its collapse and takeover by federal regulators.
Consulte Mais informação »
Silicon Valley Bank’s demise disrupts the disruptors in techSilicon Valley Bank's collapse rattled the technology industry that had been the bank's backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money.
Consulte Mais informação »