Janet Yellen pledges to protect depositors at smaller US banks
by Dominic Rushe in New York from on (#6A136)
US officials step in to guarantee deposits after smaller US banks have been pummeled by a wave of withdrawals, triggering crisis
The treasury secretary, Janet Yellen, pledged to protect depositors at smaller US lenders on Tuesday from contagion" after bank runs led to customers pulling billions in funds.
US officials have stepped in to guarantee the deposits of two banks that collapsed earlier this month and in a speech in Washington Yellen gave the clearest signal yet that they will step in again if the crisis continues.
Continue reading...