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MNI BRIEF: Yellen Says Americans' Deposits Are Safe

Treasury Secretary Janet Yellen plans to tell lawmakers Thursday Americans' deposits are safe and officials would be prepared to protect smaller banks if necessary.

"We have used important tools to act quickly to prevent contagion. And they are tools we could use again," she said in prepared testimony to Congress.

"The strong actions we have taken ensure that Americans’ deposits are safe. Certainly, we would be prepared to take additional actions if warranted."

In a separate hearing Wednesday Yellen said she has not considered or discussed "blanket insurance" to banking deposits without approval by Congress. Some banking groups have urged the Biden administration and the FDIC to temporarily guarantee all U.S. bank deposits.

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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