Watch Treasury Secretary Janet Yellen speak live to banking conference

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Treasury Secretary Janet Yellen was scheduled to speak Tuesday morning to the American Bankers Association conference in Washington, D.C.

In prepared remarks, Yellen said authorities are prepared to extend unlimited deposit insurance to other banks if necessary. Regulators recently backstopped deposits to failed institutions Silicon Valley Bank and Signature Bank beyond the normal $250,000 Federal Deposit Insurance Corp. limit.

"Our intervention was necessary to protect the broader U.S. banking system," Yellen said. "And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion."

Bank stocks surged on her remarks, propelling a broader rally on Wall Street.

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