Treasury Secretary Janet Yellen has not discussed or considered any plans to guarantee all bank deposits following the Silicon Valley Bank collapse, she said.
"I have not considered or discussed anything having to do with blanket insurance or guarantees of all deposits," Yellen told senators during a hearing on Capitol Hill to consider the Treasury Department's 2024 budget request.
Yellen said that at the time, regulators weren't thinking about giving one bank an advantage over any other bank. At the time, they were thinking about "the implications for the broader banking system because of the contagion potential," she said.
"Shouldn't I be able to buy or pay a little higher bank fee, to get protection ... with a cap maybe at $10 million?" Manchin said to Yellen near the end of her testimony. "We've been talking ... some senators have been talking back and forth ... and I don't think we should [craft legislation] without you all involved, showing us how to structure that."
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