“I can reassure the members of the committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them,” Yellen will say, according to a text of her prepared remarks. “This week’s actions demonstrate our resolute commitment to ensure that depositors’ savings remain safe.”
Treasury Secretary Janet Yellen plans to tell Congress on Thursday that the US banking system remains sound, seeking to reassure lawmakers, depositors and investors before taking what are likely to be tough questions about how the sector is regulated.
Yellen, who’s scheduled to appear before the Senate Finance Committee at 10am in Washington, is among policy makers at the centre of an emerging banking crisis. The hearing comes amid tumult in global markets and worries over financial stability after the rapid-fire collapse of three regional US banks and troubles at Credit Suisse Group AG.
