Yellen Says U.S. Banks Still Have Risk-Management Challenges
- Fed chair tells House panel regulators want to reduce burdens
- Yellen speaks at Financial Services hearing on Fed's oversight
Who Is Janet Yellen? In Two and a Half Minutes
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Large U.S. banks have major risk-management flaws that could potentially hurt the broader financial system if not addressed, Federal Reserve Chair Janet Yellen told lawmakers Wednesday.
At a House Financial Services Committee oversight hearing where she was grilled by Republicans on what they view as the Fed’s intrusive role in the economy, Yellen pointed to actions the central bank has taken to stabilize banks and the financial system since the 2008 credit crisis. Without providing details, she also promised measures in the coming year “that will complement the steps we have already taken.”