US Treasury Sec. Yellen: Recovery depends on getting pandemic under control

US Treasury Secretary Janet Yellen is delivering her remarks on the Treasury's response to the coronavirus crisis before the Senate Banking Committee.

Key quotes

"Economic recovery depends on getting pandemic under control, vaccines are critical to that."

"Direct payments are providing support to families."

"Financial institutions look healthier than before, banks should have the ability to make returns to shareholders."

"Important to make sure financial institutions are resilient to climate change risk."

"While unemployment remains high, it's important to provide supplementary relief."

"Time may have come to modernize the unemployment system, to tie it to local conditions or put automatic stabilizers in place."

Market reaction

The market mood remains upbeat following these comments and the S&P 500 Index was last seen gaining 0.44% on the day at 3,926.