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Treasury Secretary Janet Yellen was scheduled to speak Tuesday morning at the American Bankers Association conference in Washington, DC
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In prepared remarks, Yellen said authorities are ready to expand unrestricted deposit insurance to other banks if necessary. Regulators recently put deposits to failed institutions Silicon Valley Bank and Signature Bank behind the normal $250,000 Federal Deposit Insurance Corp. limit.
“Our intervention was necessary to protect the broader US banking system,” Yellen said. “And similar actions may be warranted if smaller institutions face deposit runs that pose the risk of contagion.”
Bank stocks rose after her comments, sparking a broader rally on Wall Street.
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