Roughly 26 days earlier and in the list below days, the U.S. saw 2 considerable bank failures when Silicon Valley Bank and Signature Bank collapsed. After speaking at an occasion on Monday at Yale University, Janet Yellen, the present U.S. Treasury secretary, informed press reporters that she was carefully keeping track of the banking market. Yellen firmly insisted that “matters are stabilizing” and the Treasury was “not willing to allow contagious [bank] runs to develop” in the United States.
Treasury Secretary Yellen Addresses Recent Bank Failures and Emphasizes Stability in the U.S. Banking System
U.S. Treasury secretary Janet Yellen just recently spoke at Yale University, and following the occasion, she made declarations to press reporters. Yellen talked about the current concerns within the U.S. banking market and discussed the choice made over the weekend by Saudi Arabia and OPEC to cut oil production.
Reporters asked Yellen about the effect the choice may have on oil costs. “I think it’s regrettable that OPEC decided to take this action,” Yellen stated. “I’m not sure yet what the price impact will be. I think we need to wait a little longer to assess that.”
Yellen also discussed the tension on the U.S. banking system in current times following the collapse of a couple of significant banks after the very first week of March. Yellen stressed to press reporters that the Treasury was carefully keeping track of the circumstance which the U.S. federal government was “not willing to allow contagious [bank] runs to develop” in the nation.
Yellen revealed her viewpoint that the actions taken by the Federal Reserve, Treasury, and Federal Deposit Insurance Corporation (FDIC) had actually assisted deal with the concerns.
“My read is that outflows from smaller and medium-sized banks are diminishing, and matters are stabilizing, but it’s a situation we’re watching very closely,” Yellen mentioned. The Treasury secretary appeared intent on the federal government focusing more attention on environment modification.
“We’ve addressed a range of issues, including financial risks, but we haven’t put enough focus on climate risks. I don’t think there’s a fundamental problem with the banking system,” Yellen suggested. According to her most current declarations, the Treasury Secretary has actually been focusing on efforts to battle environment modification.
“The Inflation Reduction Act is, at its core, about turning the environment crisis into a financial chance,” Yellen stated about the Biden administration’s legislation.
What do you consider Yellen’s current declarations about OPEC’s choice to cut oil, the U.S. banking system, and environment modification? Share your ideas in the comments area below.
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