Despite banking industry turmoil following Silicon Valley Bank's collapse, Treasury Secretary Janet Yellen plans to tell lawmakers Thursday that the banking system “remains sound” and depositors’ savings “remain safe.
RELATED: Silicon Valley Bank, Signature Bank collapse. Could more banks follow?
“I can assure the members of this Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them,” Yellen said in prepared testimony she’s set to deliver at 10 a.m. before the Senate Finance Committee.
Citing the steps regulators took in response to Silicon Valley Bank’s (SVB) failure, she added, “This week’s actions demonstrate our resolute commitment to ensure that depositors savings remain safe.”
» Subscribe to USA TODAY:
» Watch more on this and other topics from USA TODAY:
» USA TODAY delivers current local and national news, sports, entertainment, finance, technology, and more through award-winning journalism, photos, videos and VR.
#Live #Senate #Finance
4:55 opening
Since Yellen can’t understand numbers, maybe she should go back and focus on her shapes and colors…naptime and a juice box..
A recession is when your neighbor loses his job, a depression is when you lose yours, and a recovery is when Biden loses his.
When people get too old to drive, we take away the keys to the car.