Treasury Secretary Janet Yellen says the U.S. banking system is “stabilizing” after the failure of two banks and the rescue of a third institution led to concerns of a broader crisis in the industry.
In prepared remarks to an American Bankers Association summit in Washington, Ms. Yellen said Tuesday that the administration’s actions to close Silicon Valley Bank in California and Signature Bank in New York “reduced the risk of further bank failures.”“Similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” she said. “The steps we took were not focused on aiding specific banks or classes of banks.
She said the Treasury Department “is committed to ensuring the ongoing health and competitiveness of our vibrant community and regional banking institutions.”
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