Yellen Defends Banking Overhaul Passed After 2008 Financial Crisis

Federal Reserve Chair Janet Yellen speaks in Washington, Wednesday, June 14, 2017, to announce the Federal Open Market Committee decision on interest rates following a two-day meeting. (AP Photo/Susan Walsh)
Susan Walsh/AP

JACKSON HOLE, Wyoming (AP) — Federal Reserve Chair Janet Yellen is defending the web of regulations the Fed helped enact after the 2008 financial crisis, saying it helped restore the banking system’s health and disputing criticism that the rules have hurt lending.

Yellen says the Fed is prepared to adjust the regulations as needed to help financial institutions. But she is implicitly rejecting efforts by Republicans including President Donald Trump to scrap the 2010 Dodd-Frank Act as a threat to the economy.

Speaking to an annual conference of central bankers in Jackson Hole, Yellen refrained from remarking on the state of the economy or the possible future course of interest rates. Investors had been awaiting Yellen’s speech for any signals about what the Fed might do when it meets next month.