Not All Uninsured Deposits Will Be Government-Protected in Future Bank Failures: Yellen

Treasury Secretary Janet Yellen testifies about the Biden Administration's FY2024 federal budget proposal before the Senate Finance Committee in the Dirksen Senate Office Building on Capitol Hill in Washington on March 16, 2023. Chip Somodevilla/Getty Images

Not all Americans’ uninsured deposits will be protected by the federal government in the event of future bank collapses, Treasury Secretary Janet Yellen warned during a hearing before the U.S. Senate Finance Committee on March 16.

“I can reassure the members of the committee that our banking system remains sound and that Americans can feel confident that their deposits will be there when they need them,” Yellen told senators in the wake of the collapse of Silicon Valley Bank and Signature Bank.