‘Our intervention was necessary to protect the broader US banking system,’ US Treasury Secretary Janet Yellen tells an American Bankers Association conference.
At a separate event, US Deputy Treasury Secretary Wally Adeyemo also emphasized the importance of community and minority-owned banks as the department considers how to further strengthen financial stability.
Yellen said a “dynamic and diverse banking system” was needed to support the US economy, with large, midsized, and small banks all playing a role in supporting households and small businesses and increasing competition in financial services.The Treasury chief said she is currently focused on restoring the confidence of bank depositors, but will evaluate
to determine whether adjustments are needed to address the risks that banks face today, which are more focused on interest rates and liquidity than asset quality.
Yellen said she was keeping in close contact with bankers, state and federal regulators, market participants, and international counterparts about the banking situation. She added that the situation was “very different” from the 2008-2009 global financial crisis, when subprime mortgage assets put many banks under stress, and that the financial system is “significantly stronger than it was 15 years ago.”
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