Yellen to tell Congress US banking system ‘remains sound’

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — Treasury Secretary Janet Yellen says the U.S. banking system remains sound. Yellen will be 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, a move some observers call a bank “bailout.” Yellen will testify before the Senate Finance Committee on Thursday, a week after the second-largest bank collapse in U.S. history. Yellen says in prepared remarks 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.”