CandleFocus US Treasury Secretary Yellen tells Trump “Don’t politicize bank supervision”
2024-12-14
Author: Content Editor
Janet Yellen, the U.S. Treasury Secretary, is warning President-elect Donald Trump's administration against interfering with the regulation of the American banking system. Yellen defended core regulations on banks' capital, liquidity, and risk-taking, stating that they are crucial for a stable banking system and economy. She highlighted the collapses of Silicon Valley Bank and Signature Bank in March 2023 as reminders of the consequences of insufficient supervision. Yellen expressed concerns about Trump's team exploring ways to shrink or eliminate key regulatory bodies, emphasizing that less oversight would lead to chaos. She argued that while the current system may not be perfect, it works, and dismantling safeguards is not the way forward. The article also mentions the potential revisiting of Trump's Tax Cuts and Jobs Act and the uncertainties surrounding his tax policies as 2025 approaches.
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