U.S. Secretary of the Treasury testifies before the Senate Appropriations Subcommittee on Financial Services March 22, 2023 in Washington, DC.
Win Mcnamee | Getty Images
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.
related investing news
In the hours after the banks collapsed, she and top Treasury officials determined the situation posed a danger to “the broader banking system…