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Chair Powell on Depositors Savings and The Credit Suisse Merger

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  • Q: You said all depositors' savings are safe, shouldn't Congress have a say in that? Are you promising to bail out bank depositors?
  • A: Not saying anything more than what I'm saying. We have the tools to protect depositors when there's a threat to the economy or financial system. We're prepared to use those tools. Depositors should assume that their deposits are safe.
  • Q: Wasn't Credit Suisse the big gorilla in the room? Are you relieved?
  • A: We were following over the weekend. We were engaged with their authorities in the way you'd expect. It seems to have been a positive outcome.
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  • Q: You said all depositors' savings are safe, shouldn't Congress have a say in that? Are you promising to bail out bank depositors?
  • A: Not saying anything more than what I'm saying. We have the tools to protect depositors when there's a threat to the economy or financial system. We're prepared to use those tools. Depositors should assume that their deposits are safe.
  • Q: Wasn't Credit Suisse the big gorilla in the room? Are you relieved?
  • A: We were following over the weekend. We were engaged with their authorities in the way you'd expect. It seems to have been a positive outcome.