Posted on 03/22/2023 1:36:17 PM PDT by Oldeconomybuyer
WASHINGTON — Federal bank regulators are prepared to do whatever is needed to “ensure that depositors’ savings remain safe” in U.S. banks, Treasury Secretary Janet Yellen told members of the Senate Appropriations Committee on Wednesday.
Yellen is likely to face tough questions from senators about the federal response to two bank failures earlier this month: California-based Silicon Valley Bank on March 10 and New York-based Signature bank just two days later.
In the hours after the banks collapsed, she and top Treasury officials determined the situation posed a danger to “the broader banking system and the American economy” and required them to take emergency actions “designed to mitigate risks to the banking system,” Yellen told lawmakers.
These actions included guarantees on uninsured deposits at the failed banks, and the creation of new liquidity sources for smaller banks experiencing a rush of withdrawals. Thanks in large part to these actions, “aggregate deposit outflows from regional banks have stabilized,” Yellen told a bankers group Tuesday.
But while the trends are moving in the right direction, the amount of money banks borrowed in the week ending March 15 from the Fed’s discount window set a new record at $153 billion, according to the Fed’s weekly report, a sum that suggests the banking sector is not quite stable yet.
(Excerpt) Read more at cnbc.com ...
Anything it takes to bankrupt America.
Well, the Dow was down another 500+ points today, Jan..
ONLY the HOUSE can make such a law. NOT YELLEN
No one is saving any money . . . so . . . there’s that.
Inflation? Don’t see that stopping anytime soon...
“Safe” but devalued to one percent of its current value.
“””No they won’t. Otherwise this leftist administration would never have torpedoed our energy resources, created hyperinflation, raised taxes and created a host of other problems”””
You forgot Biden’s Invasion of the Southern Border to the list of things he has done to destroy the USA.
That and many other ills falls under “a host of other problems”.
Quit flooding the market with unbacked currency?
Safe from whom? And what about retirement savings an 401Ks? Yellen is a fool...and a tool of the ‘regime’.
case = cash
This mess was all caused by Joe Biden. So how is she going to solve it as long as Joe Biden is in office?
Now, if the value goes to zero, you can use Federal Reserve Notes to light your cigarette.
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