European Central Bank

Federal Reserve Chair Janet Yellen defends banking overhaul passed after 2008 financial crisis

Federal Reserve Chair Janet Yellen defends banking overhaul passed after 2008 financial crisis

Federal Reserve Chair Janet Yellen on Friday emphatically defended the web of regulations the Fed helped enact after the 2008 financial crisis, saying it helped restore the banking system's health and disputing criticism that the rules have hurt lending.

Yellen said the Fed is prepared to adjust the regulations as needed to help financial institutions. But in a speech to an annual conference of central bankers in Jackson Hole, she implicitly rejected efforts by Republicans, including President Donald Trump, to scrap the 2010 Dodd-Frank law as a threat to the economy.

The Fed chair refrained from remarking on the state of the economy or on the possible future course of interest...

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