Yellen tells Congress that U.S. banking system is "sound"

Posted on AllSides March 16th, 2023
From The Left
Banking and Finance, Janet Yellen
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Treasury Secretary Janet Yellen sought to reassure Congress Thursday that the U.S. banking system remained "sound" after a week of market tumult.

Driving the news: Yellen's testimony comes days after the government moved to fully guarantee depositors in failed Silicon Valley Bank and Signature Bank, helping stem the immediate panic, Axios' Neil Irwin writes.

Worries about the financial system persisted after Credit Suisse — a financial institution deemed too big to fail — saw its share price tumble Wednesday.

The big picture: In testimony before the Senate Finance Committee Thursday, Yellen touted the government's "decisive and forceful actions" to shore...

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