Yellen: Banking sector sound despite tensions
United States Treasury Secretary Janet Yellen insisted on Tuesday that the country's banking system remains "sound" despite the ongoing tensions in the sector.
Speaking at the American Bankers Association's conference in Washington DC, Yellen stressed the Treasury is "committed" to imposing any measures necessary to alleviate the risks to financial stability. She urged the public to have confidence in the sector while admitting she is not aware of all the details concerning Silicon Valley Bank (SV) and Signature Bank's collapses.
Yellen stated the administration must work to ensure the Federal Reserves can provide the liquidity that banks might need. Additionally, she said it is "utterly essential" for Congress to either suspend or raise the debt limit.