Watch Treasury Secretary Janet Yellen communicate are living to banking conference

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Treasury Secretary Janet Yellen was scheduled to communicate Tuesday morning to the American Bankers Association conference in Washington, D.C.

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In geared up remarks, Yellen claimed authorities are well prepared to prolong limitless deposit coverage to other financial institutions if required. Regulators just lately backstopped deposits to unsuccessful institutions Silicon Valley and Signature Financial institution beyond the regular $250,000 FDIC restrict.

“Our intervention was needed to shield the broader U.S. banking system,” Yellen claimed. “And identical actions could be warranted if smaller sized establishments endure deposit runs that pose the possibility of contagion.”

Bank stocks surged on her remarks, propelling a broader rally on Wall Road.

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