FRC - US banking system remains sound Yellen assures Senate panel

2023-03-17 06:14:49 ET

The U.S. banking system remains sound, Treasury Secretary Janet Yellen assured the Senate, saying Americans can "feel confident" that their deposits will be there when they need them.

"This week's actions demonstrate our resolute commitment to ensure that depositors' savings remain safe," Yellen said in her testimony on the 2024 budget to the Senate Finance Committee.

Yellen said fiscal discipline remains a top priority in the budget. "Our proposed budget builds on our economic progress by making smart, fiscally responsible investments .  These investments would be more than fully paid for by requiring corporations and the wealthiest to pay their fair share."

Yellen was the first administration official to face lawmakers after regulators rushed to protect depositors' funds at failed regional banks. Republican senators blamed President Joe Biden's administration handling of high inflation for the collapses in the banking system.

Once Yellen's testimony ended, 11 big banks agreed to deposit $30B with First Republic Bank ( FRC ).

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