Yellen Tells Lawmakers That The American Banking System ‘Remains Sound’

  • Yellen, originally scheduled to testify on the budget proposal submitted last week by President Joe Biden, started her remarks by informing lawmakers that the Treasury Department, the Federal Reserve, and the FDIC successfully protected the deposits of the two failed banks.
  • “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 commented.
  • “This week’s actions demonstrate our resolute commitment to ensure that depositors’ savings remain safe.”
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