Comprehensive deposit insurance is not considered

US Treasury Secretary: Smaller bank deposits will be protected

Published in: Mar 23, 2023: 02:29 PM GST
Last updated: Mar 23, 2023: 02:40 PM GST

US Treasury Secretary Janet Yellen said that no comprehensive insurance for bank deposits had been considered, but she made it clear that smaller bank deposits would be protected in the event of a trust infection.

In another context, the US Treasury Secretary warned of a financial and economic catastrophe if the debt ceiling was not raised.

Yellen stressed that the focus is on achieving stability in the banking system and increasing confidence in it.

US Central Bank President Jerome Powell said that depositors’ money is “safe” in US banks, while the global banking system is witnessing turmoil after the collapse of US banks.

Powell said during a press conference after the meeting of the Monetary Policy Committee that the US banking system is solid, stressing that the Federal Reserve is “intended to take lessons” from what happened.

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