Yellen Says US Not Considering ‘Blanket’ Bank Deposit Insurance

Treasury Secretary Janet Yellensaid regulators aren’t looking to provide “blanket” deposit insurance to stabilize the US banking system without working with lawmakers, and that the heads of recently failed American lender should be held accountable.

“I have not considered or discussed anything having to do with blanket insurance or guarantees of deposits,” Yellen said Wednesday during a hearing before a Senate subcommittee, answering a question about whether the protections for all US deposits would require congressional approval. She didn’t clarify if that refers to a temporary or permanent change in the cap.

Yellen has earlier said that the US ...