"Yellen's Statements on Bank System and Debt Limit Plan Spark Market Reactions"

Treasury Secretary Janet Yellen reassured senators that the US banking system "remains sound" and Americans "can feel confident" about the safety of their deposits, despite the collapse of Silicon Valley Bank and Signature Bank. First Republic Bank received an emergency infusion of $30 billion in deposits from 11 banks, and Credit Suisse received a promise from the Swiss central bank of a loan of up to $54 billion. The Justice Department and the Securities and Exchange Commission have launched investigations into the Silicon Valley Bank collapse, and President Joe Biden has called on Congress to strengthen rules on regional banks.