'Our banking system is sound' - Treasury Sec. Yellen
STORY: Yellen said emergency measures unveiled Sunday by Treasury and other U.S. financial regulators to shore up public confidence in the banking system after the collapse of California-based Silicon Valley SIVB.O underscored its resolve to protect depositors.
"I can reassure the members of the committee that our banking system is sound, and that Americans can feel confident that their deposits will be there when they need them," Yellen said in the remarks.
"This week's actions demonstrate our resolute commitment to ensure that depositors' savings remain safe."
The comments were Yellen's first to federal lawmakers since the weekend's emergency measures to backstop depositors and enhance banking sector liquidity was greeted with both relief and astonishment on Capitol Hill, where Democrats control the Senate and Republicans hold the House of Representatives.