The U.S. Treasury Secretary said Americans ‘can feel confident’ about their deposits one week after the second-largest bank collapse in U.S. history
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.
“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.”, based in Santa Clara, California, failed after depositors rushed to withdraw money amid anxiety over the bank’s health.
Mike Crapo of Idaho, the committee’s top Republican, said, “I’m concerned about the precedent of guaranteeing all deposits,” calling the federal rescue action a “moral hazard.”
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