Fed's Powell: It is too early to say if the recent effects change the odds of soft landing, It is hard to say that they helped the probability though

Chairman Van Hollen and Ranking Member Hagerty: thank you for inviting me to join you today. I would also like to thank you for your leadership of this subcommittee and support of the Treasury Department. Two years into this Administration, Treasury continues to serve at the forefront of our nation’s response to some of its most urgent challenges. We have advanced our country’s domestic and international economic priorities – thanks to the resources that you have provided us. Our top priority is to protect the health of the U.S. economy. Two weeks ago, we learned of problems at two banks that could have had significant impacts on the broader banking system and the American economy. In the days that followed, Treasury worked with the Federal Reserve and the FDIC to take decisive and forceful actions to strengthen public confidence in the U.S. banking system. We took actions to protect all depositors at the two failed institutions and provide additional liquidity for banks. This was designed to mitigate risks to the banking system. It’s important to be clear: shareholders and debtholders of the failed banks are not being protected by the government. And no losses from the resolution of these banks are being borne by the taxpayer. Deposit protection is provided by the Deposit Insurance Fund, which is funded by fees on insured banks. As I said last week, the U.S. banking system is sound. The federal government’s recent actions have demonstrated our resolute commitment to take the necessary steps to ensure that depositors’ savings remain safe. Beyond our work on the financial system, Treasury has also led our Administration’s broader efforts to recover and stabilize our economy from a once-in-a-century pandemic shock. Our Office of Recovery Programs helped drive the fastest and most inclusive labor market recovery in history by coordinating the effective implementation of American Rescue Plan relief. Today, the unemployment rate is near historic lows. Our economy has added over 12 million jobs since the start of 2021. Our Administration is now building on that progress by effectively implementing long-term investments enacted by Congress. tweet at 2:58pm: U.S. TREASURY'S YELLEN: WE ARE NOT CONSIDERING INSURING ALL UNINSURED BANK DEPOSITS tweet at 3:01pm: *YELLEN: NOT CONSIDERING BROAD INCREASE IN DEPOSIT INSURANCE - BBG tweet at 3:02pm: US Tsy Sec. Yellen: Small Or Community Bank Failure Could Trigger Bank Runs As Much As A Larger Bank Failure tweet at 3:03pm: U.S. TREASURY'S YELLEN: WILL CONTINUE WITH CASE-BY CASE- DETERMINATOINS OF SYSTEMIC RISKS IN THE EVENT OF BANK FAILURES

tweet at 4:10pm: YELLEN: 'WORTHWHILE' FOR CONGRESS TO DISCUSS CHANGES TO FDIC DEPOSIT INSURANCE, TREASURY READY TO WORK WITH LAWMAKERS