Not all Americans’ uninsured deposits will be protected by the federal government in the event of future bank collapses, Treasury Secretary Janet Yellen warned during a hearing before the U.S. Senate Finance Committee on March 16.
“I can reassure the members of the committee that our banking system remains sound and that Americans can feel confident that their deposits will be there when they need them,” Yellen told senators in the wake of the collapse of Silicon Valley Bank and Signature Bank.
“This week’s actions demonstrate our resolute commitment to ensure that depositors’ savings remain safe,” she added, referencing the government’s emergency actions to ensure account holders are able to retrieve their deposits….