The trustees of the Social Security and Medicare trust funds have released their annual report, revealing that the trust funds are facing financial challenges and will run out of reserves in 2034. Treasury Secretary Janet Yellen has expressed the Biden-Harris Administration's commitment to protecting these programs, and the trustees have urged lawmakers to take action to address the pending shortfall.
Posts tagged as “Janet Yellen”
Four Democratic senators are calling on Treasury Secretary Janet Yellen to take action against trusts and financial vehicles used by the wealthiest individuals to avoid taxes. This comes as Congress is making no progress on how to avert a debt ceiling crisis and the recent collapses of some banks are deepening the stalemate. The senators’ letter is a step towards ensuring that the wealthiest individuals pay their fair share, but it remains to be seen whether the Treasury Secretary will take action on the proposed regulations.
Treasury Secretary Janet Yellen testified before the American Bankers Association on Tuesday, discussing the government's response to the recent collapse of Silicon Valley Bank and Signature Bank. She highlighted the Federal Reserve's new lending facility and existing discount window as effective tools for providing liquidity to the banking system, and praised the government's "decisive and forceful actions" for calming the banking crisis. Yellen also noted that the US banking system remains sound, but warned that similar action could be warranted if deposit outflows from regional banks pose the risk of contagion.
Key takeaways: Congress must investigate the circumstances that led to the closures of Silicon Valley Bank and Signature Bank of New York. Allowing a large,…
Tucker Carlson mistakenly claimed a 2017 clip of Treasury Secretary Janet Yellen was from 2007, highlighting the importance of the Federal Deposit Insurance Corporation (FDIC) and accuracy when discussing the financial system. The FDIC provides insurance for deposits up to certain thresholds at American banks and helps to prevent one bank's failure from turning into a financial panic.
Key takeaways: The banks’ joint statement reinforces confidence in the banking system and their cash infusion of $30 billion is a sign of their commitment…
Credit Suisse, a banking giant, announced on Monday that they had borrowed $54 billion from Switzerland's central bank in an effort to ease mounting fears of a global banking crisis. US Treasury Secretary Janet Yellen and Credit Suisse CEO Ulrich Koerner both released statements reassuring the public that the banking system remains sound and that depositors' savings remain safe.
Thousands of tech CEOs and founders have signed an "urgent" petition calling for relief from the federal government after Silicon Valley Bank's collapse, the second largest in U.S. history. The government has responded by guaranteeing all customers access to their full deposits, providing some much-needed relief. However, the tech industry is still reeling from this "extinction-level event" and its long-term effects remain to be seen.