Giovedi, 23 Novembre, 2017

Fed Chair Yellen Defends Regulations After Financial Crisis

Xinhua via ZUMA Xinhua via ZUMA
Sveva Terracina | 27 Agosto, 2017, 16:04

"The steps to improve the capital positions of banks promptly and significantly following the crisis, beginning with the 2009 Supervisory Capital Assessment Program, have resulted in a return of lending growth and profitability among USA banks more quickly than among their global peers", she said.

"Because of the reforms that strengthened our financial system, and with support from monetary and other policies, credit is available on good terms, and lending has advanced broadly in line with economic activity in recent years, contributing to today's strong economy," Yellen said.

"The United States, through coordinated regulatory action and legislation, moved very rapidly to begin reforming our financial system", she said, "and the speed with which our banking system returned to health provides evidence of the effectiveness of that strategy".

Yellen said that in all, the tighter regulations, far from stifling economic growth, had actually helped the economy in part by making the financial system safer.

President Trump threatened lawmakers with a government shutdown earlier this week if Senate Republicans can not agree a bill that provides funding for the controversial Mexico border-wall to begin.

"There are several factors that are slowing this process: mostly these factors have to do with the labor market, and the slowness with which nominal wages will react to the closing of the gap", he said.

Yellen also was expected to address the current climate and the potential for dangers ahead like the real estate bubble that precipitated the crisis.


Trump is now weighing whether to nominate Yellen to another term when her current chairmanship ends in February. Ms. Yellen has agreed that there is room for improvement, but she has cautioned against any significant reduction in regulation.

"While no single factor appears to be the predominant cause of the evolution of market liquidity, some regulations may be affecting market liquidity somewhat", Yellen said.

The Republican-led House has passed legislation that would overturn numerous Dodd-Frank provisions.

The disappearance of community banks, "along with the regulatory burden of Dodd-Frank on surviving small institutions, coincides with a 21% decline in community bank small business lending", wrote American Enterprise Institute resident scholar Paul H. Kupiec earlier this year.

Her subsequent rate rises have been gradual, to steal a term central bankers love to use.

Cohn might have complicated the choice of a new Fed chair with his criticism of Trump's Charlottesville response. "And now after 10 years everybody wants to go back to a status quo before the great financial crisis", Mr. Fischer told the Financial Times in an interview published last week.

Trump hasn't notched any major policy wins in his time in the White House, but the stock market is up 7.4% since his January 20 inauguration. Not only this, but Mr Draghi also failed to make any comments about the strength of the euro, which was taken as a green light to push it higher, reaching its highest levels since January 2015 and just below 1.20 by Friday's close. "I don't know if anyone then got wind of what Yellen was going to say, but it then dropped like a stone".

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