US Treasury Secretary Janet Yellen will testify before the Senate Finance Committee over the President's Fiscal Year 2024 Budget on Thursday, where she is expected to tell senators that the U.S. banking system "remains sound" after the historic failure of Silicon Valley Bank (SVB).

Yellen said "decisive and forceful" actions taken this week by the U.S. government to shore up public confidence in the banking system after the collapse of SVP underscored its resolve to protect depositors.

Yellen said Treasury worked with the Fed and the FDIC to protect all depositors of both banks and set up a new facility to give banks access to emergency funds.

For more info, please go to https://globalnews.ca/news/9545944/silicon-valley-bank-failure-no-bailout/

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