Yellen tells Congress US banking system ‘remains sound’

Treasury Secretary Janet Yellen (Jacquelyn Martin/AP)

A week after the second-largest bank collapse in US history, Treasury Secretary Janet Yellen told the Senate Finance Committee that the nation’s banking system “remains sound” and Americans “can feel confident” about their deposits.

Ms Yellen is the first Biden administration official to face lawmakers over the decision to protect uninsured money at two failed regional banks, a move that some Republicans have criticised as a bank “bailout”.