Fed Says Your Bank Accounts Are Safe

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell says Americans’ bank accounts are safe despite the Trump administration’s shutdown of a consumer financial regulatory agency. Powell, testifying before the Senate Banking Committee on Tuesday, said “bank accounts overall across the economy are safe” and backed by government deposit insurance. Sen. Elizabeth Warren who initially conceived of the CFPB in the wake of the 2008 financial crisis and recession, said she would have concerns about doing business with a giant bank “when there’s no cop on the beat.”