Treasury will do whatever it takes to ensure 'savings remain safe,' Yellen tells senators

U.S. Secretary of the Treasury testifies before the Senate Appropriations Subcommittee on Financial Services March 22, 2023 in Washington, DC.

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WASHINGTON — Federal bank regulators are prepared to do whatever is needed to “ensure that depositors’ savings remain safe” in U.S. banks, Treasury Secretary Janet Yellen told members of the Senate Appropriations Committee on Wednesday.

Yellen is likely to face tough questions from senators about the federal response to two bank failures earlier this month: California-based Silicon Valley Bank on March 10 and New York-based Signature bank just two days later.

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