Yellen Defends Powell’s Regulatory Record
- Treasury chief Yellen says improved rules stayed under Powell
- Senator Elizabeth Warren has said Powell weakened regulation
Source: Bloomberg
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U.S. Treasury Secretary Janet Yellen defended Federal Reserve Chair Jerome Powell’s record on regulating the financial system amid attacks by progressives seeking to deny him a second term -- even though in the past she’s expressed some misgivings about rule-making under his watch.
While declining to say how she’s advised President Joe Biden on his decision over whether to reappoint Powell, Yellen told CNN’s “State of the Union” that financial rules had “markedly strengthened” under Powell’s term, as they did during her time at the Fed and under her predecessor, Ben Bernanke.