Yellen pledges to protect depositors and prevent bank contagion.

US Treasury Secretary Janet Yellen has said that the US banking system is "sound" and recent bank failures are "very different" from the 2008 financial crisis. Yellen praised the government's intervention in guaranteeing depositors' money and suggested that similar actions could be taken in the future. She also highlighted the Bank Term Funding Program, which provides additional liquidity to financial institutions. Yellen defended the government's recent actions amid concerns and public frustration around its decision to effectively bail out financial institutions that critics say were mismanaged.