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Finance Minister Janet Yellen was scheduled to speak Tuesday morning at the American Bankers Association conference in Washington, DC
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In a prepared speech, Yellen said authorities were prepared unlimited deposit insurance extension to other banks if necessary. governing body recently supported deposit for institutions failing in Silicon Valley and Signature Banks beyond the usual $250,000 FDIC limit.
“Our intervention was necessary to protect the broader US banking system,” Yellen said. “And similar actions could be warranted if smaller institutions were to have their deposits withdrawn, posing a risk of contagion.”
Bank shares rallied after her remarks, spurring a broader rally on Wall Street.
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