💬 Quoted… "I can reassure the members of the committee that our banking system is sound, and that Americans can feel confident that their deposits will be there when they need them.”

Treasury Secretary Janet Yellen appeared before the US Senate Finance Committee yesterday, making her first public comments since this weekend’s emergency measures to ensure no depositors at the defunct Silicon Valley Bank and Signature Bank suffered losses. Though when it comes to uninsured deposits (aka anything above $250,000), that appears to be a special case: "A bank only gets that treatment," she told US Republican Senator James Lankford, if supermajorities of the boards of the Federal Reserve, the Federal Deposit Insurance Corp and "I, in consultation with the president, determine that the failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences," Reuters reports.

• On a separate note: a group of eleven banks yesterday agreed to deposit $30 billion into First Republic Bank, whose stock had dropped more than 80% in the seven days preceding yesterday (it closed ~10% higher following the deposit news).

🎓 Stat of the Day: Over the past decade, US college enrollment has declined by about 15%, while the number of apprentices at companies has increased by more than 50%, per federal data and Robert Lerman, a labor economist at the Urban Institute and co-founder of Apprenticeships for America.

🤯 Did You Know?... Babies have around 30,000 taste buds, while adults only have 10,000.

📖 Worth a Read: A Growing Number of Scientists Are Convinced the Future Influences the Past → (Motherboard)