Sat, December 14, 2024
Fri, December 13, 2024

Exclusive: Yellen warns incoming Trump team against interfering with bank supervision

U.S. Treasury Secretary Janet Yellen on Friday urged the incoming Trump administration to refrain from interfering with what she called critically important appropriate regulation of American banks' capital levels,
U.S. Treasury Secretary Janet Yellen has issued a warning to the incoming Trump administration against interfering with the independence of bank regulators, emphasizing the importance of maintaining robust regulatory frameworks to ensure financial stability. In her remarks, Yellen highlighted the potential risks of political interference in bank supervision, which could undermine the effectiveness of regulatory bodies like the Federal Reserve, the Office of the Comptroller of the Currency, and the FDIC. She stressed that any attempts to weaken these institutions could lead to financial instability, referencing past financial crises where regulatory oversight was lacking. Yellen's comments come at a time when there is speculation about potential deregulation under a new administration, urging continuity in the approach to financial regulation to safeguard the economy.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/yellen-warns-incoming-trump-team-against-interfering-with-bank-supervision-2024-12-13/ ]