US Treasury Secretary Janet Yellen will try to convince US senators this Thursday the soundness of the banking system in the United States after the bankruptcy of the bank SVB and while the setbacks of Swiss Credit Suisse raise contagion fears.

According to the text of her speech, which is known in the morning, the person in charge of Economy and Finance for Joe Biden will address the members of the Senate Banking Committee to “to assure them (…) that our banking system remains strong and that Americans can rest assured that the money they have deposited will be available when they need it.”

“This week’s actions demonstrate our strong commitment to ensuring the safety of depositors’ savings,” he will say.

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Scream to be heard by senators under President Joe Biden’s 2024 budget bill, which was presented just a week ago. However, his words about the situation on the banking front, which is shaking the markets, will be scrutinized.

The US authorities announced this on Sunday guarantees full withdrawal to SVB savers and will allow access to all Signature Bank depositsa bank in New York that was closed by the US regulator.

In addition, the US Federal Reserve (Fed, central bank) promised to lend the necessary funds to other banks they need to fulfill withdrawal requests from their customers.

“We worked with the Federal Reserve and the FDIC (Federal Deposit Insurance Corporation) to protect all depositors of the two failing banks. Monday morning, customers could access all the money in their accounts to pay their payroll and bills”, remembers Yellen, while “shareholders and creditors are not protected by the government”.

“It is important to point this out with this action tax money is not used or risked”, the official will warn.

The one now seeing a crisis coming is Credit Suisse, whose stock fell 24.24% at the close of markets and announced on Wednesday that it would borrow up to $53.7 billion from the Swiss central bank in the near term.