Treasury Secretary Yellen says emergency actions to backstop banks could be used again if needed Treasury Secretary Janet Yellen said Thursday that the federal emergency actions used to backstop Silicon Valley Bank and Signature Bank customers could be used again if necessary. “We have used important tools to act quickly to prevent contagion. And they … Read more
Federal Reserve Board Chairman Jerome Powell holds a news conference following a Federal Open Market Committee meeting at the Federal Reserve on March 22, 2023 in Washington, DC. Alex Wong | Getty Images News | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors … Read more
The Federal Deposit Insurance Corp. (FDIC) headquarters in Washington, DC, US, on Monday, March 13, 2023. Al Drago | Bloomberg | Getty Images Four prominent U.S. lawmakers on banking matters said on Sunday they would consider whether a higher federal insurance limit on bank deposits was needed to stem a financial crisis marked by a … Read more
WASHINGTON (AP) — Treasury Secretary Janet Yellen offered firm, upbeat reassurances to rattled bank depositors and investors Thursday, even as American financial institutions and European agencies ordered fresh rescue efforts following the second-largest bank collapse in U.S. history. Questioned closely, sometimes aggressively, Yellen told senators at a Capitol hearing that the U.S. banking system “remains … Read more