US Treasury Secretary Janet Yellen has urged the incoming Trump administration to refrain from interfering with bank regulation, citing the importance of oversight in preventing financial crises. Despite concerns that Dodd-Frank legislation may hinder US banks’ competitiveness, Yellen said they are doing “exceptionally well”. She warned against taking radical steps that could compromise bank supervision and deposit insurance, pointing to the lessons learned from past failures such as Silicon Valley Bank and Signature Bank. A more nuanced approach to regulation is needed, she said, while acknowledging the complexity of the US banking system involving multiple agencies at both state and federal levels.
Source: https://www.cnbc.com/2024/12/14/yellen-warns-incoming-trump-team-against-interfering-with-bank-supervision.html