Federal Reserve Chair Janet Yellen had some scathing criticism of banks when she spoke in New York last week.
In a major speech about bank regulation, Yellen toldan advocacy group about steps the nation’s chief bank regulator has taken to crack down on big financial institutions and what it sees as problems still to solve.
“It is unfortunate that I need to underscore this, but we expect the firms we oversee to follow the law and to operate in an ethical manner,” Yellen said at a Citizens Budget Commission dinner honoring her. “Too often in recent years, bankers at large institutions have not done so, sometimes brazenly.”
Not exactly the kind of talk you want to hear from your chief regulator.
“These incidents,” Yellen continued, “both individually and in their totality, raise legitimate questions of whether there may be pervasive shortcomings in the values of large financial firms that might undermine their safety and soundness.”
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