US Treasury Secretary Ensures Bank of America is in Good Condition

Testifying before the senate finance committee, US Treasury Secretary, Janet Yellen Declared, that the us banking system is sound, and that Americans can feel confident about their deposits, Thursday (16/3/2023). 

Thursday's hearing, meant to address President Joe Biden's budget proposal, comes after the sudden collapse of the nation’s 16th-biggest bank, and the go-to financial institution for tech companies. 

In less than a week, silicon valley bank collapsed after depositors rushed to withdraw money, amid anxiety over the bank’s health. Just days after, regulators announced that New York-based signature bank also failed.

The government then stepped in, ensuring all depositors, including those holding uninsured funds exceeding USD250 thousand, were protected by federal deposit insurance.