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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.
“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.
