Yellen says more bank bailouts could be coming

By CASEY HARPER THE CENTER SQUARE SENIOR REPORTER

(The Center Square) — U.S. Treasury Secretary Janet Yellen said Tuesday that more bank bailouts could be coming.

COURTESY PHOTO role in aiding hurting financial institutions.

Secretary Yellen made the comments as part of her prepared remarks at the American Bankers Association meeting in Washington, D.C. Her comments come after the federal government stepped in to shore up collapsing regional banks in recent days, raising concerns about the economy and the federal government’s

Secretary Yellen referenced the “swift response” to help those banks with federal funds. She said, though, that the efforts “were not focused on aiding specific banks or classes of banks.”

“Our intervention was necessary to protect the broader U.S. banking system,” she said.

Secretary Yellen raised eyebrows with her next statement.

“And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” Secretary Yellen said, reportedly signaling that similar action for other banks could be coming. She also tried to restore confidence in the economy.

“The situation is stabilizing, and the U.S. banking system remains sound,” she said.

President Joe Biden has repeatedly emphasized that taxpayers will not be on the hook for bank bailouts.

Critics, though, have cast

Please see BAILOUTS on A4 permanently withdraw the unit from the rental housing unit; or to satisfy a government order that the unit needs to be vacated.

The only issue before the council Tuesday involved the proposed demolition or substantial renovation of a unit. Tenants have told the council that their landlords often say they intend to make renovations but then don’t do them, or if they do, they make only cosmetic changes.

Like they’ve done before, tenants urged the council to pass the emergency measure to prevent landlords from using renovating a unit as an excuse to evict their tenants, so they can then raise the rent for new tenants taking their place.

Landlords, however, insisted that there are no loopholes in the law that need to be closed. They said there are always “bad actors” and those are the ones

NEWS-PRESS EXCLUSIVE

Man pleads no contest to felony theft charges

Nathanael Santiago Reyes, 27, to be sentenced in case involving catalytic converters

By NEIL HARTSTEIN NEWS-PRESS STAFF WRITER

One of two men charged with stealing catalytic converters in Buellton earlier this month has pleaded no contest to two felonies and is scheduled to be sentenced today to two years in state prison Defendant Nathanael Santiago Reyes, 27, of El Monte, appeared in court on March 15 to confirm a date for a preliminary hearing and instead entered a nocontest plea to charges of felony evading and felony receiving stolen property, Deputy District

Attorney Nick Harmon told the News-Press.

“As part of the plea agreement, the remaining count (felony conspiracy) was dismissed against him,” the prosecutor said. His co-defendant, Bryan Arciniega, 32, of Los Angeles, was in court on March 15, too, and waived his right to a preliminary hearing within 10 court days, so a preliminary hearing tentatively set for the next day was vacated.

“He is set to return to court on April 5 for preliminary hearing

Please see CONVERTERS on A2