Yellen assures Congress of stability in US banking system.

Treasury Secretary Janet Yellen defended the Biden administration and federal regulators' actions to stabilize the US financial system, stating that the moves were aimed at preventing problems from spreading through the banking system. Yellen reassured the public that America's banks are "sound" and that their deposits are safe. The collapse of Silicon Valley Bank and Signature Bank led to finger-pointing over whether the 2018 rollback of some of the financial regulations in the Dodd-Frank Act was responsible for the bank failures. Yellen called for a re-examination of bank rules and supervision to "make sure they are appropriate to address the risks that banks face."