For Immediate Release

Organization Profile: 
Contact: 

Phone: 202-588-1000

Fed Chair Yellen Rejects Trump Bank Deregulation

Statement of Bartlett Naylor, Financial Policy Advocate, Public Citizen’s Congress Watch Division

WASHINGTON - Note: In a Jackson Hole, Wyoming speech this morning, Federal Reserve Chair Janet Yellen defended Wall Street reforms. “Today’s strong economy” relies on “the reforms that strengthened our financial system,” Yellen said. Read her speech here.

Yellen correctly and courageously rejects the deconstruction of key financial safeguards supported by many on Trump’s team of Wall Street-sourced bank regulators.

Fed Chair Yellen understands that human damage from financial sector recklessness caused the most severe financial panic and recession since the Great Depression. New reforms, from greater corporate capital requirements to enhanced supervision through the Financial Stability Oversight Council, contribute to a safer system. We can’t return to the days when Goldman Sachs and JP Morgan’s profit opportunities determine financial policy.

Yellen also appropriately questions the role of “algorithmic” high speed traders who may be unreliable in stressed markets. Public Citizen supports a financial transaction tax to reduce this overheated speculation.

###

FRIENDS: Help Us Fight

Independent journalism has become the last firewall against government and corporate lies. Yet, with frightening regularity, independent media sources are losing funding, closing down or being blacked out by Google and Facebook. Never before has independent media been more endangered. If you believe in Common Dreams, if you believe in people-powered independent media, please support us now and help us fight—with truths—against the lies that would smother our democracy. Please help keep Common Dreams alive and growing. Thank you. -- Craig Brown, Co-founder

Support Common DreamsSupport Common Dreams

Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.

Share This Article