Treasury Secretary Janet Yellen on Thursday will tell senators that the U.S. banking system is on solid footing and that Americans can be confident about their deposits, after government moves last weekend to protect depositors at 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,” Yellen says in testimony prepared for delivery to the Senate Finance Committee. The Treasury, FDIC and Federal Reserve on Sunday announced guarantees for deposits at both Silicon Valley Bank SIVB and New York’s Signature Bank SBNY. Yellen is scheduled to testify about President Joe Biden’s fiscal 2024 budget proposal.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.