U.S. central bank chief rebukes Trump over plan to lift regulations

U.S. central bank chief rebukes Trump over plan to lift regulations

She also refuted the criticism that these rules had had a negative impact on the activities of the lenders.

"Preeminent among these domestic and global efforts have been steps to increase the loss-absorbing capacity of banks, regulations to limit both maturity transformation in short-term funding markets and liquidity mismatches within banks, and new authorities to facilitate the resolution of large financial institutions and to subject systemically important firms to more stringent prudential regulation", she said.

However, she made no reference to US monetary policy in her remarks.

Yellen's term is due to expire in February, and Trump has said he may reappoint her.

In a panel on trade, there was more direct skepticism of Trump's approach, even as economists and central bankers here agreed they had ignored for too long how hard the adjustment would be for workers.

Yellen has supported smaller changes to Dodd-Frank, like clarifying the Volcker Rule and adjusting the threshold at which a bank becomes big enough for tougher federal oversight. "They just can't get any money because the banks just won't let them borrow it because of the rules and regulations in Dodd-Frank". An intense partisan divide in Congress will likely hinder any broad legislative rewrite of existing rules, but the Trump administration is slowly replacing regulators who drafted the initial post-crisis rules with new officials much more sympathetic to a lighter regulatory touch.

Patriots receiver Edelman hurt in pre-season game
He left the field on a cart after completing a caught an 18-yard, on which he has not cashed plated. Edelman signed a two-year, $11 million contract with $7 million guaranteed before this offseason.

More recently, Trump has spoken approvingly of Yellen, telling the Wall Street Journal he has "a lot of respect for her" and that she is doing a good job.

US stock indexes reversed downward after a nice start Friday morning.

The president of the federal Reserve of the United States, Janet Yellen, defended on Friday the financial regulation put forward after the 2008 financial crisis, claiming that these measures had helped rebuild the banking system. She said the Fed is committed "to evaluating the effects of financial market regulations and considering appropriate adjustments".

Ms Yellen said that overall, the regulatory change put banks, and the economy, back on their feet.

But she cautioned against putting the events of a decade ago too far in the rear view mirror."Already, for some, memories of this experience may be fading - memories of just how costly the financial crisis was", she told an audience of Fed staff and central bank colleagues from around the world.