Yellen: US banks 'stabilizing' after emergency measures

EPA-EFE/SASCHA STEINBACH

United States Treasury Secretary Janet Yellen will tell the American Bankers Association on Tuesday that the banks in the United States are "stabilizing" following the actions taken by the relevant authorities related to the recent ruckus in the financial sector.

In prepared remarks obtained by the US media channels, Yellen will underline that the measures taken with regard to the Silicon Valley Bank and Signature Bank have "reduced the risk of further bank failures."

"Similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion. The steps we took were not focused on aiding specific banks or classes of banks," she is expected to say.

Baha Breaking News (BBN) / AY