Yellen: Actions Could Be Taken To Prevent Deposit Runs On Smaller Banks

US Treasury Secretary Janet Yellen has said, in prepared remarks to the American Bankers Association, that authorities believe they have taken appropriate actions to stem liquidity problems in the banking sector, but more will be done if required.

• Yellen: “The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary to protect the broader U.S. banking system and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion.”
• Yellen said the American public should have "confidence in banking system," and the Treasury Department, "will stay vigilant in days and weeks to come."
• Yellen said: “We don't know all of the details of Silicon Valley Bank failure,” adding that federal reserve needs to be, “able to provide liquidity that banks need.”
• Yellen: "There will be time to evaluate whether bank regulatory adjustments will be needed to address root causes of current crisis."