Treasury Secretary Yellen Says the Government Could Backstop More Deposits
Treasury Secretary Janet Yellen said that the government has the ability to provide additional backstops to uninsured deposits if the banking crisis worsens. In remarks prepared for a speech to the American Bankers Association, the former Federal Reserve chair said that the government would intervene to safeguard the stability of the U.S. banking system in the event that bank runs spread to other institutions. Yellen’s comments were part of a prepared speech to the American Bankers Association and came in the wake of recent bank failures caused by liquidity problems.
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Some of Wall Street's fear washed out on hopes the U.S. government will offer more help to the banking industry if needed.
