Watch Live: Treasury Secretary Janet Yellen testifies before the Senate Finance Committee

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Treasury Secretary Janet Yellen will try to reassure Congress that the country’s banking system remains strong, despite the collapse of two banks in recent days and continued consumer nervousness about the state of the financial services sector.

At her testimony before the Senate Finance Committee on Thursday, Yellen is expected to tout the “determined and vigorous action taken by the administration to bolster public confidence in our banking system,” according to her prepared opening statement.

She will also mention the Treasury Department’s work with the Federal Reserve and the FDIC to protect all depositors.

“By Monday morning, customers were able to access all the money in their deposit accounts to do payroll and pay the bills,” Yellen is expected to say of the two banks’ customers, noting that investors in those banks won’t so good. “Shareholders and debtors are not protected by the government. It is important that no tax money is used or endangered in this campaign. Deposit protection is provided by the Deposit Insurance Fund, which is funded by bank fees.”

As seen by Treasury Secretary Janet Yellen testifying before the Senate Treasury Committee

What: Treasury Secretary Janet Yellen testifies before the Senate Finance Committee

Date: Thursday 16 March 2023

Time: 10 a.m. ET

Location: US Capitol – Washington, DC

Stream Online: Live on CBS News in the player above and on your mobile or streaming device.

Yellen will also highlight the Federal Reserve’s plan to provide additional support to the banking system by establishing a new lending facility designed to help financial institutions meet the needs of all their depositors.

“I can assure the members of the committee that our banking system remains sound and that Americans can be confident that their deposits will be there when they need them,” she is expected to say. “This week’s actions demonstrate our determination to ensure depositors’ savings remain safe.”

In her statement, Yellen also plans to address high inflation, saying there has been some moderation in headline inflation but “more work needs to be done”. Inflation cooled in February but remains stubbornly high at 6%. The Fed will soon have to decide whether to continue raising interest rates to curb inflation, or to ease up because of the pressure higher interest rates are putting on the banking industry.

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Sarah Ewall-Wice

CBS News reporter on economic policy.

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