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Treasury Secretary Janet Yellen has assured Americans that their banking system is sound and that their deposits are safe, according to prepared testimony for her appearance before the Senate finance committee.

Yellen also praised the Biden administration for its quick response to protect depositors at two failed banks, highlighting that no taxpayer money is being put at risk.

She emphasized that the money is coming from the deposit Insurance Fund, which raises funds through fees on the banks.

Yellen is expected to face questions from Senators about the possibility of further contagion and whether the government’s recent actions were technically a bailout.

The hearing primarily focused on the president’s budget proposal.

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