Treasury Secretary Janet Yellen on Thursday testified before the House that the government is ready to step in with more help for bank depositors if necessary
"We have used important tools to act quickly to prevent contagion," she said. "And they are tools we could use again. The strong actions we have taken ensure that Americans’ deposits are safe. Certainly, we would be prepared to take additional actions if warranted."
The secretary also stressed that the cost of these interventions is not being borne by taxpayers but rather from the Deposit Insurance Fund, which is funded by bank fees.
The government is willing to support uninsured depositors as well, according to testimony from Yellen last week. She said those deposits would also be covered in the event that a “failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences."
Yellen's public comments come as the banking sector continues to fuel uncertainty across the economy.
Dana D’Auria, co-CIO at Envestnet, breaks down how she’s expecting markets to perform as ‘cracks’ from the rate hike cycle slowly filter into the economy.
A large cargo ship lost power and issued a mayday call moments before it struck the Francis Scott Key Bridge early Tuesday, though it was still moving toward the span at a rapid speed.
Candace Mitchell Harris discusses her path from computer scientist to founder of beauty tech tool MYAVANA – and how it uses A.I. to analyze each person’s unique haircare needs.
Michael Harris, NYSE global head of capital markets shares what to expect from IPOs in 2024, including A.I. excitement and why interest rate cuts are always helpful.
Lacy Garcia, Founder & CEO of Willow, shares why women, traditionally underserved by fintech, are looking for trust and a personal relationship from their financial advisor.
Alexander Reed, CFA and CIO for Envisage Wealth, breaks down why he thinks rates could stay higher for longer and why real estate, utilities, and regional banks are sectors to avoid.
Big brands that have relied on TikTok videos to reach younger consumers do not appear to be panicking as they wait to see what happens. But they have started planning.
It's been 15 years since the last fatal crash of a U.S. airliner, but you wouldn't know that from a torrent of flight problems that made news in the last three months.
Abortion opponents want the high court to ratify a ruling from a conservative federal appeals court that would limit access to a medication called mifepristone, which was used in nearly two-thirds of abortions last year.
