According to U.S. Treasury Secretary Janet Yellen, the United States government is prepared to take the steps necessary to ensure its financial system remains the world’s strongest and safest. Yellen said that the U.S. government will not hesitate to punish Chinese companies that violate its Russian sanctions policy.

U.S. Ready to Shore up Its Financial System

The U.S. Treasury Secretary Janet Yellen said while her country’s financial system is still in good shape the United States government is still prepared to take “any necessary steps” to ensure it remains the most dominant, a report has said.

In her speech at the Johns Hopkins University’s School of Advanced International Studies, Yellen also touted the recent actions taken to shore up the financial system by U.S. authorities following the collapse of Silicon Valley Bank and Signature Bank. The comments by Yellen come amidst a growing chorus for the adoption of an alternative reserve currency.

As has been reported by Bitcoin.com News, several countries led by Russia and China are pursuing cross-border settlement methods that exclude the U.S. dollar. These countries accuse the United States government of weaponizing the greenback and using its overbearing influence on the global financial system to punish its enemies.

These accusations as well as the ongoing attempts to de-dollarize have prompted economists to warn that the U.S. dollar may eventually lose its position as the most dominant currency in the world. Losing this status would the United States’ ability to project its financial power globally.

However, Yellen vowed that the U.S. government would take steps to ensure its financial system will the strongest and safest in the world.

“The U.S. banking system remains sound and we will take any necessary steps to ensure the United States continues to have the strongest and safest financial system in the world,” Yellen reportedly said.

Although she recently conceded that the weaponization of the U.S. dollar could potentially cause problems for her country, warned in her speech that the United States government will not hesitate to punish Chinese companies that violate its sanctions on Russia. She added that her government will also impose sanctions on human rights abusers.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.