Yellen's Response to Bank Crisis: Backstopping Deposits and Resolute Commitment to Savings

Treasury Secretary Janet Yellen has said that the US government is prepared to provide further guarantees of deposits if the banking crisis worsens. Yellen said that the steps taken so far were necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion. The comments come in the wake of several bank failures, most notably Silicon Valley Bank and Signature Bank.