Treasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis.
, counseled immediate government action. “It’s really hard to stop or even slow down a bank run. And to do that requires a powerful and quick government response,” Paulson said, recounting what he told Yellen.had begun earlier in the week. Regulators took it over by that Friday afternoon. The move panicked shareholders and depositors, stirring stark reminders of earlier failures that triggered the Great Recession.
But few could relate as well as Paulson, who had asked Congress for authority to buy up $700 billion in distressed mortgage-related assets from private firms to save the larger U.S. financial system. The bank held an unusually high level of uninsured deposits, and many investments in long-term government bonds and mortgage-backed securities had tumbled in value as interest rates rose. That caused depositors on Thursday, March 9, to rush to withdraw their funds en masse. It triggered a bank run.
Yellen also had to assuage Republicans in Congress. She talked with McHenry and other lawmakers who wanted to know whether the actions would lead to more regulation. McHenry did not respond to a request for comment from The Associated Press, but said at an American Bankers Association event this past week that he supported the government’s decision to make depositors whole.
Brown, who urged President Barack Obama to nominate Yellen to succeed Ben Bernanke as Fed chair, said people “realize how competent she is and in how she’s charged with doing big things in the administration.”. Some Republicans have put the blame on Biden administration spending, which they say triggered 40-year high inflation, forcing the the Fed to raise interest rates to tame prices, in turn impacting banks and their investments.
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