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Treasury Secretary Janet Yellen was scheduled to talk Tuesday morning to the American Bankers Affiliation convention in Washington, D.C.
In ready remarks, Yellen mentioned authorities are ready to increase limitless deposit insurance coverage to different banks if obligatory. Regulators not too long ago backstopped deposits to failed establishments Silicon Valley Financial institution and Signature Financial institution past the conventional $250,000 Federal Deposit Insurance coverage Corp. restrict.
“Our intervention was obligatory to guard the broader U.S. banking system,” Yellen mentioned. “And related actions could possibly be warranted if smaller establishments undergo deposit runs that pose the danger of contagion.”
Financial institution shares surged on her remarks, propelling a broader rally on Wall Avenue.
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