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WASHINGTON: The US banking system remains sound despite market anxiety over the collapse of Silicon Valley Bank (SVB) and Signature Bank, Treasury Secretary Janet Yellen told members of Congress on Thursday.

The consecutive bank failures are the sector’s biggest casualties since the 2008 financial crisis, prompting US authorities to quickly step in to protect depositors.

Amid contagion fears, the US Federal Reserve also announced it would make extra funding available to banks to help them meet the needs of depositors, which would include withdrawals.

Moody’s changes outlook on US banking system to ‘negative’

Yellen, speaking before the Senate Finance Committee, described the government’s actions as “decisive and forceful.”

Fears of contagion have spread to Europe, with a market rout forcing Credit Suisse to tap a financial lifeline from the Swiss central bank after the share price of Switzerland’s second biggest bank crumbled on Wednesday.

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