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

Treasury Secretary Janet Yellen assured Congress that the US banking system remains strong despite the recent collapse of two banks and ongoing consumer concerns. Yellen highlighted the government's actions to strengthen public confidence in the banking system after the collapse of Silicon Valley Bank, which was taken over by the FDIC. She also emphasized that taxpayers would not be bailing out the bank's investors and that deposit protection is provided by the Deposit Insurance Fund. Yellen's appearance before the Senate Finance Committee also addressed inflation and the need to raise or suspend the debt limit.