Yellen rules out blanket insurance for bank deposits amid concerns over failures.
TL;DR Summary
US Treasury Secretary Janet Yellen has said she has not considered or discussed "blanket insurance" for US banking deposits without approval by Congress as a way to stem turmoil caused by two major bank failures this month. Some banking groups have urged the Biden administration and the Federal Deposit Insurance Corp (FDIC) to temporarily guarantee all US bank deposits, a move they say will help quell a crisis of confidence after the failure of Silicon Valley Bank and Signature Bank.
- US not considering 'blanket insurance' for bank deposits, Yellen says Reuters
- Treasury will do whatever it takes to ensure 'savings remain safe,' Yellen tells senators CNBC
- Concerns growing over more bank failures ABC News
- Did Yellen upstage Powell? Stock-market declines after Treasury secretary says not looking at expanding deposit insurance MarketWatch
- Yellen: FDIC not considering 'blanket insurance' for bank deposits Yahoo Finance
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