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Stock impact report

Yellen warns incoming Trump team against interfering with bank supervision [CNBC]

First Citizens BancShares, Inc. - Class A (FCNCA) 
Company Research Source: CNBC
US banks thriving despite Dodd-Frank regulatory concerns U.S. Treasury Secretary Janet Yellen on Friday urged the incoming Trump administration to refrain from interfering with what she called critically important appropriate regulation of American banks' capital levels, liquidity and risk-taking. Yellen, who has served as U.S. President Joe Biden's Treasury secretary since he took office in January 2021, said the current U.S. oversight system was not perfect, and it was legitimate to look for ways to reduce its regulatory burden. But she warned against taking radical steps that would interfere with needed oversight or the current system of insuring banks' deposits, given the long history of bank failures triggering financial crises. “I don't want to say that exactly what we have is utterly sacrosanct and couldn't possibly be touched. But I do not think it's broken. We've got a good system,” Yellen told Reuters as she prepares to hand off to Scott Bessent, President-elect Don Show less Read more
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