Regulatory Outlook | 01.20.21
Yellen Readies Big Changes for Treasury
Janet L. Yellen, President-elect Joseph R. Biden Jr.’s nominee for Treasury Secretary, is expected to change course sharply from the policies of current Secretary Steven Mnuchin. That includes Yellen’s approach to financial regulation and protecting the economy against systemic risks. Two years ago, Yellen co-signed a letter to Mnuchin urging him not to move forward with plans to relax oversight of big financial firms, warning that doing so could threaten the stability of the U.S. financial system. Under Mnuchin’s direction, the Financial Stability Oversight Council pressed ahead with plans to stop designating large, nonbank financial institutions like asset managers as a threat to the financial system.
Read the full article on New York Times.