SPEAKING OUT

Fed Chairwoman Janet Yellen Warns Against Trump’s Anti-Regulation Plans

“Memories of just how costly the financial crisis was” may be fading, she cautioned.

Federal Reserve chairwoman Janet Yellen on Friday offered a rebuttal to President Trump’s plans to remove bank regulations put in place after the 2008 financial crisis, the New York Times reported. Speaking to bank executives at a Jackson Hole summit, Yellen said those regulations make the system “substantially safer” and do not restrict financial growth or lending. “Already, for some, memories of this experience may be fading—memories of just how costly the financial crisis was,” she said. “The core reforms we have put in place have substantially boosted resilience without unduly limiting credit availability or economic growth.” Trump has promised to “do a big number” on Dodd-Frank regulations, which he says is overly burdensome on banks and businesses.