I would see such a process as inhibiting our ability to take timely and necessary supervisory actions to address a firm's risk.
Janet Yellen
The Public Record
Janet Louise Yellen is an American economist currently serving as the 78th United States Secretary of the Treasury, a position she has held since January 26, 2021. She is a member of the Democratic Party and has a distinguished career in economic policy and public service. Yellen previously served as the Chair of the Federal Reserve from 2014 to 2018, becoming the first woman to hold that role. During her tenure at the Federal Reserve, she focused on issues such as unemployment and inflation, advocating for policies aimed at economic recovery following the 2008 financial crisis.
I think the approach that we have currently that is in Dodd-Frank is quite adequate.
I pledge that we will try to be proactive in looking for--actively looking for ways that we can reduce burden.
It is important to the Fed to be able to put in place the supervision program that we regard as appropriate for a particular institution.
At present, every firm over $50 billion has to do things like supervisory stress testing...
I guess the reason I would be open to it is that... the costs exceed the benefits.
Our economy has made progress towards the Fed's objective of maximum employment.
We clearly want to see continued improvement in the labor market, and we want to do nothing that would threaten that.
For the vast majority of families, it's been a long time since they've seen a meaningful raise.
My own preference would be to be able to proceed to tighten in a prudent and gradual manner...
So I would push back against the notion that we are unduly affected by the ups and downs of the stock market.
We are certainly trying to put in place a set of incentives that will reduce the systemic footprint and risk of firms.
The results were predictable--incomes grew at the very top, but stagnated for everyone else.
So like Governor Tarullo, I would be open to a modest increase in the threshold.
At the same time, inflation is very low, and while we have indicated that a good share of that is for reasons we believe will be transitory...





