Yellen says no to full deregulation
Today, Fed Chairwoman Janet Yellen spoke at the Federal Reserve's annual symposium at Jackson Hole. Yellen said that the need for post financial crisis regulatory changes was indisputable after near failure of the financial system. She argued that benefits of a stronger financial system outweigh the additional costs introduced by new regulation. The comments made today assume that major changes to the regulatory environment or bank profitability levels in the near term. She said that low-end mortgage and small-business borrowers could benefit from easing of some regulation and that economic growth could also benefit this.