Yellen tells Congress US banking system ‘remains sound’

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — Treasury Secretary Janet Yellen is telling Congress and the nation that the U.S. banking system remains sound. Yellen is the first Biden administration official to face lawmakers over the decision to protect uninsured money at two failed regional banks in California and New York, which some are calling a bank “bailout.” Yellen testified before the Senate Finance Committee on Thursday, a week after the second-largest bank collapse in U.S. history. Yellen said the government took “forceful actions to strengthen public confidence” in the banking system. Yellen says she can reassure committee members the banking system ”remains sound” and Americans “can feel confident” their deposits “will be there when they need them.”