February 27, 2017, 3:10 pm
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Bank safety rules to stay: Yellen

WASHINGTON- Federal Reserve Chair Janet Yellen said that tough banking rules are protecting financial markets and should largely be held in place.

Many of those rules were conceived after the 2008 financial crisis and require the largest firms on Wall Street to hold more capital against future losses.

“We have reduced the odds that (a) systemically important firm could fail,” Yellen said at a press conference to discuss monetary policy. “I would say it’s very important not to roll back.”

President-elect Donald Trump has said he wants to erase some banking rules that are too costly to satisfy and are hindering the economy.

Yellen said existing banking rules could be tweaked but that they are mostly a benefit.

Banking rules, Yellen said, “provide us another way of ensuring that the firms we count on to supply credit to households and businesses would be able to go on doing that even in the face of a severely adverse shock.” – Reuters 
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Column of the Day

Quotable quotes...

By DAHLI ASPILLERA | February 27,2017
204 View(s) 0 Comment(s)
‘What the yellows are saying; what we are hearing.’

Opinion of the Day

‘Superman’ continues to fly

By ELLEN TORDESILLAS | February 27, 2017
235 View(s) 0 Comment(s)
‘If they won’t surrender (and) resist and attack you with arms, thereby your life being a police, a soldier is in danger, kill him/her. And that is my order, and I will assume full legal responsibility for that.’