Fed Will Stabilize US Financial Economy, Assures Treasury Secretary

• Janet Yellen confirmed that the Fed would stabilize the US financial system.
• The US Treasury Secretary stated that the depositors of the two fallen banks would be considered by the Fed.
• Yellen added that the Fed would not consider all the banks equally.

Janet Yellen, the US Secretary of the Treasury, confirmed on Thursday that the Federal government would sustain the financial economy of the United States. The Secretary defended that the Fed has been directed towards protecting depositors at the recently shuttered banking giants, thereby preventing the current liquidity crunch and stabilizing the US financial system.

Notably, at the Senate Finance Committee, Yellen assured that the US citizens could be confident about their deposits, claiming:

Our banking system remains sound and Americans can feel confident that their deposits will be there when they need them.

However, the secretary added that not all the depositors would be granted the relaxations under the FDIC insurance limits of $250,000 per account, unlike the customers of the fallen Silvergate Bank and Signature Bank.

Adding to her point, Yellen stressed that a bank would be considered only…

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