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.
“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.
“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 pic.twitter.com/HWd8mLbiHF
23591648resemble Sean Moran is a policy reporter for inew News. Follow him on Twitter @SeanMoran32018.2018
