Treasury Sec. Janet Yellen today sought to calm growing concerns about financial instability following the collapse of two regional lenders. “Our banking system remains sound,” she said in prepared testimony for the Senate Finance Committee.
Treasury Secretary Janet Yellen on Thursday sought to calm mounting concerns about financial instability as the banking industry reels over the collapse of two regional lenders.
With lawmakers drawing sides over arcane financial rules, Yellen’s appearance before the Senate Finance Committee offered an opportunity to test their lines of attack. In her prepared testimony, the former Federal Reserve chair assured lawmakers that the banking system remains sound and that “Americans can feel confident that their deposits will be there when they need them.”
Markets have been jittery over the last week amid fears the crisis could spread beyond regional banks. Investors dumped shares of institutions that may be facing a financial crunch with rising interest rates. Moody’s earlier this week downgraded its outlook for the entire U.S.
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