Janet Yellen rebukes Trump over plan to lift financial regulations
by Phillip Inman from on (#30950)
Fed chair defends regulations and says policymakers may have forgotten damage inflicted on the economy in 2008
Donald Trump has been rebuked by the US central bank chief, Janet Yellen, for planning to scrap tough banking regulations that made the system "substantially safer" and did nothing to restrict growth or lending.
Yellen, the Federal Reserve chair, used a speech at the annual meeting of central bankers on Friday in the US ski resort of Jackson Hole to warn that policymakers might have forgotten the terrible damage wreaked on the global economy in 2008 when they seek to lift regulations that prevent risky behaviour.
Related: Trump orders Dodd-Frank review in effort to roll back financial regulation
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