Yellen says reducing the regulatory burden is a 'legitimate and important goal' and bank stocks are rising
In the speech, Yellen stressed the importance of mitigating financial regulation, specifically the Dodd-Frank financial reforms created after the Great Recession.
Yellen said that she would work with Treasury Secretary Steven Mnuchin to conduct a comprehensive review of post-crisis regulations and told the Senate Banking Committee it was important for regulators to constantly be looking for ways to reduce the burden on institutions.
She described the exercise in reducing the regulatory burden as a "legitimate and important goal" for the Fed and other regulators.
Financials are soaring on the back of the news. Here's the scoreboard:
- Goldman Sachs +1.16%
- Citi +1.49%
- JPMorgan +1.15%
- Bank of America +2.31%
