United States Treasury Secretary Janet Yellen underscored the "real and severe consequences of a default for the banking system and the domestic and global economy," a statement published by the Treasury Department said Thursday.
During a meeting organized by the Bank Policy Institute (BPI), Secretary Yellen reiterated that "a failure to raise or suspend the debt limit would be catastrophic for the financial system, as well as American families and businesses."
On the other side, Yellen emphasized that the banking industry is stable and robust. She also mentioned that the federal actions taken by regulators and the Administration in March helped boost public confidence in the banking system and prevented financial contagion.
