Yellen Says US Will Intervene If Needed to Protect Smaller Banks
US banking sector 'stabilizing' after recent turmoil: Janet Yellen
The collapses caused a crisis of confidence, with many customers of similarly sized banks withdrawing their money and depositing it in larger institutions -- considered too big for the government not to bail them out if they faced failure. But "aggregate deposit outflows from regional banks have stabilized" following authorities' moves to shore up confidence and stem contagion, according to Yellen's remarks.
Yellen vows to safeguard deposits at smaller U.S. banks, intervene if needed
U.S. Treasury Secretary Janet Yellen told bankers on Tuesday that she is prepared to intervene to protect depositors in smaller U.S. banks suffering deposit runs that threaten more contagion amid the worst financial system turmoil in more than a decade.
Yellen says bank situation stabilizing, different from 2008
Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is 'sound' but additional rescue arrangements 'could be warranted' if any new failures at smaller institutions pose a risk to financial stability.
Yellen: Bank case 'stabilizing,' system is 'sound'
Treasury Secretary Janet Yellen is trying to project calm after recent regional bank failures in California and New York, saying additional bank rescue plans “could be warranted” if any new failures at smaller institutions threaten stability. (March 21)