1000ET/1400GMT: Treasury Sec Yellen Testifying To Senate Finance Committee

Treasury Secretary Janet Yellen is shortly due to deliver testimony to the Senate Finance Committee on Biden's FY24 budget. Expect the bulk of questioning to centre on the collapse of Silicon Valley Bank.

• Livestream: https://www.finance.senate.gov/hearings/the-presid...
• Yellen will assure the committee the "banking system remains sound" and "no taxpayer money is at risk" but that will do little to dull Republican accusations that red states bank fees will be used to prop up a Californian bank.
• Senator Jim Lankford (R-OK) said: “Banks in Oklahoma... are about to pay a special fee to be able to bail out millionaires in San Francisco.”
• Yellen’s testimony comes amid risk of contagion from Credit Suisse. A Senate aide: “I imagine the Credit Suisse news was the last news cycle thing they were hoping to be a part of.”
• To watch out for: Does the Biden administration support Progressive Senator Elizabeth Warren’s (D-MA) calls for new regulation? How many other banks have similar balance sheet issues? Did the 2018 deregulation bill contribute to SVB’s collapse?
• Keep an eye on Senator Ron Johnson (R-WI), the most anti-establishment Republican on the committee, who Politico reports is preparing, “fireworks.” A Johnson aide said: “It’s worth tuning in!”