US Treasury Secretary Janet Yellen: We are not considering insuring all uninsured bank deposits
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US Treasury Secretary Janet Yellen said on Wednesday that they are not considering or discussing anything to do with blank insurance or guarantees for bank assets. She is testifying before the Senate Appropriations Committee.
“I am working closely with financial stability oversight council on restoring capacity to designate non-bank financial institutions as systemic, subjecting them to regulation,” Yellen mentioned.
“The failure of a small or community bank could trigger bank runs as much as a larger bank failure,” said Yellen. She mentioned they are not considering insuring all uninsured bank deposits. This comment weighed on market sentiment that is digesting the latest Federal Reserve meeting.
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