Yellen assures Congress of soundness of US banking system despite recent collapses.

US Treasury Secretary Janet Yellen will tell Congress that the US banking system remains "sound" despite the recent failures of three banks. Yellen will reassure the Senate Finance Committee that depositors' savings are safe and that the government is committed to protecting shareholders and debtholders of failed banks. The government has backed all deposits from failed Silicon Valley Bank and the Federal Reserve has offered funding to banks to ensure they can meet all depositor withdrawals. Lawmakers are calling for a look into the collapse of the banks, with the top Democrat on the House Financial Services Committee blaming a rollback in capital requirements.