Watch Treasury Secretary Janet Yellen converse dwell to banking convention
[The stream is slated to start at 10 a.m. ET. Please refresh the page if you do not see a player above at that time.]
Treasury Secretary Janet Yellen was scheduled to talk Tuesday morning to the American Bankers Affiliation convention in Washington, D.C.
associated investing information
In ready remarks, Yellen stated authorities are ready to extend unlimited deposit insurance to different banks if crucial. Regulators recently backstopped deposits to failed establishments Silicon Valley Financial institution and Signature Financial institution past the traditional $250,000 Federal Deposit Insurance coverage Corp. restrict.
“Our intervention was crucial to guard the broader U.S. banking system,” Yellen stated. “And comparable actions may very well be warranted if smaller establishments endure deposit runs that pose the danger of contagion.”
Financial institution shares surged on her remarks, propelling a broader rally on Wall Avenue.
Learn extra:
Treasury Secretary Yellen says the government could backstop more deposits if necessary to stop contagion
Fed, other central banks set joint liquidity operation
First Republic jumps 20%, leads comeback rally in regional banks Tuesday
A financial banana republic’: UBS-Credit Suisse deal puts Switzerland’s reputation on the line
