Janet Yellen: The Banking System is Stable after the "Decisive" Actions taken

"The US banking system remains stable and Americans can feel confident that their deposits will be available when they are needed, thanks to the 'decisive and strong' action taken after Silicon Valley Bank's (SVB) failure to deal with the outflow of deposits at its end last week," Treasury Secretary Janet Yellen told the Senate Finance Committee, Reuters reported.

She also stressed that high inflation is currently "the number one economic problem".

Yellen said the emergency measures unveiled Sunday by the Treasury Department and other US financial regulators to bolster public confidence in the banking system after the collapse of California-based SVB underscored its determination to protect depositors.

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