Watch Treasury Secretary Janet Yellen speak live to banking conference

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Treasury Secretary Janet Yellen was scheduled to talk Tuesday morning to the American Bankers Affiliation convention in Washington, D.C.

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In ready remarks, Yellen stated authorities are ready to increase limitless deposit insurance coverage to different banks if crucial. Regulators just lately backstopped deposits to failed establishments Silicon Valley Financial institution and Signature Financial institution past the conventional $250,000 Federal Deposit Insurance coverage Corp. restrict.

“Our intervention was crucial to guard the broader U.S. banking system,” Yellen stated. “And comparable actions may very well be warranted if smaller establishments endure deposit runs that pose the chance of contagion.”

Financial institution shares surged on her remarks, propelling a broader rally on Wall Road.

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