Janet Yellen's Bank Statements and Remarks Cause Concern in Markets

Treasury Secretary Janet Yellen's change in tone regarding deposit insurance has raised doubts about the federal government's ability to respond to the banking crisis. On Wednesday, Yellen said she had not considered blanket insurance to deposits without congressional approval, causing regional bank stocks to fall. However, on Thursday, she testified that the Treasury Department would be prepared to take additional actions to stabilize banks and ensure Americans' deposits were safe. Some social media users speculated that Yellen's shift stemmed from a secret effort to hide or conceal other knowledge about bank stocks.