Posted on 03/16/2023 10:27:21 AM PDT by SeekAndFind
U.S. Treasury Secretary Janet Yellen is set to tell members of the Senate Finance Committee on Thursday the U.S. banking system remains "sound" as the impacts of three bank failures in less than a week continue to be felt in financial markets and beyond.
"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 is set to tell the Senate ahead of a scheduled hearing on President Biden's proposed budget. "This week's actions demonstrate our resolute commitment to ensure that depositors' savings remain safe."
On Sunday, Yellen, in conjunction with Federal Reserve Chair Jerome Powell and FDIC Chair Martin Gruenberg, announced the government would backstop all deposits from failed Silicon Valley Bank after its seizure last Friday.
"Importantly, no taxpayer money is being used or put at risk with this action," Yellen will say. "Deposit protection is provided by the Deposit Insurance Fund, which is funded by fees on banks."
The Federal Reserve also said Sunday it would offer funding to banks through a new facility to help ensure banks could meet all depositor withdrawals, essentially backstopping all deposits — both those insured and uninsured — across the U.S. financial system.
Yellen's prepared remarks will also reiterate that shareholders and debtholders of failed banks are being protected by the government.
New York's Signature Bank, which served clients in the cryptocurrency world, was also seized by regulators Sunday, becoming the third-largest bank ever to fail in the U.S. Silicon Valley Bank is the second-largest failure on record, eclipsed only by Washington Mutual in 2008.
Bond credit rating agency Moody's on Tuesday downgraded the U.S. banking system and put six banks on notice for a downgrade
(Excerpt) Read more at finance.yahoo.com ...
Woke bank execs and managers should have to do hard labor for their fiduciary responsibility failure.
oh well then. I feel a lot better hearing her say that.
< / s >
What does anyone expect from grandma Yellen?
A sociopath lies, but doesn’t care.
A psychopath lies, but thinks it’s the truth.
Kakistocrat Janet Yellen is one or the other.
Even if it wasn’t sound, she’d be saying the same thing. There’s no imaginable scenario where she would ever say: “The banking system is about to collapse. Everybody panic!”
Yellen would be a good choice.
But what about Buttigieg?
Granholm at Energy?
Mayorkas?
Lloyd Austin? Tony Blinken? Merrick Garland?
Damn - so many to choose from!
Both....................
3 bank failures in a couple of months, all ok. Geezus, these people get away with everything.
Trump’s team would be in jail about now.
Most folks by now are probably aware that they would not want Janet Yellen handling their personal finances. We already have too many in this administration that are doing their very best to screw up a free lunch.
P J Orourke once called it a parliament of whores. We have an asylum of evil idiots in charge.
March 15, 2023, Federal Reserve announces July launch for the FedNow Service
Yellen reminds me of a Gnome with her head stuck under a tree stump who peaks out now and then.
LOL!!!
Now THAT is funny!!!
Sounds a lot like them telling us our border is secure.
Sorta like SVB said the other day. 🖕 yellski.
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