Bank failures and rescue test Yellen’s decades of experience

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — Treasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis. She coordinated the government’s emergency response after two bank failures and a near third over one week, then testified on Capitol Hill over the administration’s efforts to prevent a wider financial catastrophe. Yellen now faces a test of whether she can leverage her experience to lead an outcome that does not include anything on the scale of what her predecessor Hank Paulson dealt with. The two have been in close contact since the start of the bank failures.