Treasury Secretary Janet Yellen said that stricter regulations may need to be put into place after the collapse of Silicon Valley Bank earlier this month.
Former Federal Reserve Vice Chair Randal Quarles and Cornerstone Research senior adviser William Silber give their take on how the government should responding to bank failures on 'Kudlow.' warned on Thursday that weeks of turmoil within the banking industry could be a sign that efforts to roll back regulations put in place after the 2008 financial crisis have "gone too far."
In remarks prepared for delivery to the National Association for Business Economics, Yellen indicated that additional guardrails may need to be put into place following the"These events remind us of the urgent need to complete unfinished business: to finalize post-crisis reforms, consider whether deregulation may have gone too far and repair the cracks in the regulatory perimeter that the recent shocks have revealed," she said, according to a copy of the speech.
Treasury Secretary Janet Yellen testifies before a hearing of the House Committee on Ways and Means on the administration's proposed budget for fiscal year 2024, on Capitol Hill in Washington, D.C., on March 10, 2023.a sweeping overhaul of the financial system in the years after the Great Recession that reshaped the banking industry.
The rollback eased regulation on some big banks, granted consumers the right to free credit freezes and provided relief to smaller banks by softening the Volcker Rule, which prohibited banks from making their own investments with customers’ deposits. It also raised the asset threshold at which banks face mandated stress tests to $250 billion from $50 billion.
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