Janet Yellen Claims Banking System is “Sound”
Daily Wire: Treasury Secretary Janet Yellen commented on Tuesday that deposit withdrawals from regional banks have stabilized and affirmed that authorities will protect smaller financial institutions. The recent collapse of Silicon Valley Bank, where the vast majority of accounts exceeded the $250,000 threshold guaranteed by the Federal Deposit Insurance Corporation, prompted the government-backed company to secure all accounts at the firm to prevent more bank runs. Yellen said in remarks at a summit of the American Bankers Association that the Biden administration and the Federal Reserve successfully mitigated fallout in the financial sector (Daily Wire). RNC Research: A week after the second- and third-largest bank collapses in U.S. history, Biden Treasury Secretary Janet Yellen assures us “the situation is stabilizing and the U.S. banking system remains sound” (Twitter).
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