US Treasury Secretary Yellen: Our banking system is sound
US Treasury Secretary Janet Yellen said the country’s banking system remains intact, adding that steps taken this week demonstrate depositors’ determination to ensure their savings remain safe.
The US Department of the Treasury shared the text of Yellen’s speech at the US Senate Finance Committee session on the proposed fiscal year 2024 budget.
Making assessments of the latest developments in the banking system in her speech, Yellen recalled that the government took “decisive and strong” steps this week to strengthen confidence in the banking system.
Yellen said the two failed banks are working with the Federal Reserve and the FDIC to protect all depositors. she used the phrase.
THE MONEY FROM THE TAX RECIPIENTS WAS NOT USED
Pointing out that shareholders and debtors are not protected by the government, Yellen emphasized that taxpayer money is not used or put at risk. Yellen noted that deposit protection is provided by the Deposit Insurance Fund, which is financed by bank fees.
Noting that the Fed is also providing additional support to the banking system with a new line of credit, Yellen said this will help financial institutions meet the needs of all depositors.
“I can assure committee members that our banking system remains intact and Americans can be sure their deposits will be there when they need them,” Yellen said. The actions taken this week demonstrate our commitment to ensuring depositors’ savings remain safe.” he performed the assessment of it. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
