Yellen says U.S. banking system is ‘stable’ and deposits ‘remain safe’ following failure of SVB, Signature

Treasury Secretary Janet Yellen sought to reassure markets and lawmakers on Thursday that the federal government is committed to protecting U.S. bank deposits following the failure of Silicon Valley Bank and Signature Bank over the weekend.

“Our banking system remains sound and Americans can feel confident that their deposits will be there when they need them,” Yellen said.

Yellen has been at the center of emergency federal efforts this past week to return deposits to account holders at two failed banks, the California-based Silicon Valley Bank and the crypto-heavy Signature Bank, based...