US Treasury Secretary Yellen: Banking regulation needs to be overhauled – WORLD
US Treasury Secretary Yellen: Banking regulation needs to be overhauledUS Treasury Secretary Janet Yellen said banking rules should be revised following recent bank failures.The US Treasury released the text of Yellen’s speech at the National Association for Business Economics (NABE) economic policy conference, where Yellen stated that they have made great progress over the past 15 years, but recent events clearly show that their work has not been done. We also need to address new areas of risk.” Emphasizing that banks were an important source of strength for the financial system during the panic in March 2020, when the Covid-19 epidemic was acutely felt, Yellen recalled that large banks were better capitalized and more liquid than in 2007.– “Regulatory requirements have been relaxed in recent years”Yellen said the Dodd-Frank Act, which went into effect in 2010, introduced significant reforms to help these institutions better absorb their losses and meet customer credit and cash needs. To be clear, the banking system is much stronger than she is. to the global financial crisis. Perhaps this is best explained by the fact that we are seeing relative stability in the banking sector as a whole this month, even as worries about some institutions rise. Regulatory requirements have been relaxed in recent years. I believe it is appropriate to assess the impact of these deregulatory decisions and take appropriate action in response.” Pointing out that the rules come at a cost to companies, Yellen said the cost of the rules pales in comparison to the tragic costs of financial crises. The Reform and Consumer Protection Act was relaxed in 2018 under former US President Donald Trump, and was increased to $ 250 billion. Bankruptcies of Silicon Valley and Signature Bank again drew attention to the regulation of the banking sector.
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