Janet Yellen's Fed tenure may be the calm before the storm

Aaron Brown
February 7, 2018

But Yellen said that she was grateful for the Fed career she did have which covered not only a four-year term as Fed chair but also serving as Fed vice chair for four years before that and also service as president of the Fed's San Francisco regional bank.

Federal Reserve Chair Janet Yellen, the first woman to head the nation's central bank, got a boisterous send-off from Fed staff, but she isn't taking any time off.

Federal Reserve Chair Janet Yellen will join the Brookings Institution, a Washington think tank, on Monday after stepping down from the US central bank.

Responding to recent and widespread consumer abuses and other compliance breakdowns by Wells Fargo, the Federal Reserve Board on Friday announced that it would restrict the growth of the firm until it sufficiently improves its governance and controls.

Yellen has not only led the Fed - the first woman to do so - but has also picked up a few other things there, like her husband, Nobel Prize victor George Akerlof. He decided against reappointing the Democrat in favor of nominating Powell, a Republican.

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"I don't want to say too high, but I do want to say high", Yellen said on CBS's Sunday Morning in an interview recorded on Friday as she prepared to leave the central bank.

She cited changes put in place since that time, of which Trump has been critical. "We're going to work very hard to ensure that's the case", Sloan said in a conference call.

The financial system is now "much better capitalized" and the banking system "more resilient" than they were entering the global financial crisis a decade ago, Yellen said. Yellen said. "And I think our overall judgment is that, if there were to be a decline in asset valuations, it would not damage unduly the core of our financial system".

Wells Fargo stated that the company is confident it will satisfy the requirements of the consent order it entered into with with the Board of Governors of the Federal Reserve System. "I want to repeat, we are open for business".

The bank is studying various measures, including potentially reducing some commercial accounts, to allow it to continue to operate and accept deposits from retail customers without the risk of violating the Fed's limit to keep asset size steady. "I think I've had a seat at the table to make the arguments that I thought needed to be made and to advocate for good policy".

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