US Treasury secretary Janet Yellen ruled out a broad expansion of deposit insurance to protect savers with balances above $250,000 in the near term, comments that fuelled another sell-off in shares of smaller American banks.
Speaking at a Senate hearing on Wednesday afternoon, Yellen said there could be “reasoned discussions” on whether the current $250,000 limit for insured deposits should be lifted as part of long-term systemic reforms.
But the Treasury secretary said that in the current turmoil, the Biden administration was not considering a move to broaden deposit insurance, something that would require congressional approval unless the Treasury found a way to implement it unilaterally.
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