Yellen assures readiness for additional actions to stabilize banks and deposits.
Treasury Secretary Janet Yellen stated that the federal government is prepared to take additional actions to stabilize banks if necessary, including the deployment of emergency tools used to back up Silicon Valley Bank and Signature Bank customers. Yellen's remarks come amid growing concerns over small and mid-sized regional banks that have experienced a rush of withdrawals in the wake of the SVB collapse. However, Yellen has drawn criticism from lawmakers who argue that the decision to insure deposits at SVB and Signature amounted to a reward for big banks that took excessive risks.