Janet Yellen: US banking system is ‘sound’ despite two collapses in a week

Treasury secretary attempts to reassure nervous investors that emergency measure succeeded and bank deposits will be there'

The treasury secretary, Janet Yellen, told Congress on Thursday that despite two US bank failures over the past week the US banking system remains sound".

The government's response to the collapse of Silicon Valley Bank and Signature Bank last weekend were decisive and forceful actions to strengthen public confidence in our banking system", Yellen told the Senate finance committee.