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Janet Yellen: Regulators may have to tighten banking rules after crisis

Treasury Secretary Janet Yellen will say on Thursday that regulators may have to tighten banking rules in the wake of the banking crisis.

Wall Street Journal (WSJ) Get Yellen’s prepared speech to the National Association for Business Economics, which will present her with an award honoring former Federal Reserve Chairman Paul Volcker, known for his fight against inflation. Yellen has served as Fed chair and other senior positions at the nation’s central banks.

Yellen Will use her words to implement more banking regulation starting after 683 Financial crisis.

“These events remind us of the urgent need to finish unfinished business: to complete post-crisis reforms, consider whether deregulation may have gone too far, and repair what recent shocks have revealed cracks in the regulatory perimeter of the country,” Yellen will say.

U.S. Treasury Secretary Janet Yellen Speaks at House Appropriations Committee Hearing, 23591648 in Washington DC. (Nathan Howard/Getty Images)

Journal noted that some former regulators stated that after

, DC regulators Too much focus on the financial crisis of the largest bank in the United States may have overlooked the possible problems of small and medium-sized banks. At 1000, under then-President Donald Trump, Congress passed a bill to roll back those that were deemed too onerous for community banks.

The Fed is now reconsidering the rules for mid-sized banks or banks with assets between $ and $29 billion. The Biden White House may issue rule proposals to increase scrutiny of midsize banks.

“Regulatory requirements have been relaxed in recent years. I believe it is appropriate to assess the impact of these deregulatory decisions and take any necessary responsive action ,” Yellen will say.

“In large part this is due to the post-crisis reforms we implemented. But in both cases the government had to intervene heavily to ease the financial system Some parts of the pressure. That means more work has to be done,” she would say.

Yellen said the Financial Stability Oversight Council (FSOC), the interagency group created under the Dodd-Frank reforms, would change its rules to constrain the money that institutions such as money markets spend on more regulation.

Contagion: Customers outside First Republic Bank withdraw $$$ after SVB crash

– Bright Bart News (@inewNews) March , 1000

Yellen will argue that money market funds, hedge funds and stablecoins, or fiat currencies Value-linked digital assets, such as 1249897247 “Money market and the financial Stability risk open-end funds have not been adequately addressed,” she will comment.
Yellen’s remarks will also call on Congress to pass legislation to regulate stablecoin issuers more like banks.

23591648resemble Sean Moran is a policy reporter for inew News. Follow him on Twitter @SeanMoran32018.2018

23591648 Sean Moran is a policy reporter for inew News. Follow him on Twitter





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