U.S. Treasury Secretary Janet Yellen has cautioned the incoming Trump administration against making radical changes to the current bank regulatory framework, emphasizing the importance of maintaining oversight on banks' capital, liquidity, and risk-taking to prevent financial crises. Yellen acknowledged the need to reduce regulatory burdens but warned against undermining the system that ensures financial stability, referencing past bank failures like Silicon Valley Bank and Signature Bank. Her comments come amid concerns that Trump's team may seek to reduce or eliminate key bank regulators.
U.S. Treasury Secretary Janet Yellen has cautioned the incoming Trump administration against making radical changes to the current bank regulatory framework, emphasizing the importance of maintaining oversight on banks' capital, liquidity, and risk-taking. Yellen acknowledged the system's imperfections but warned that reducing regulation could lead to financial instability, referencing past bank failures like Silicon Valley Bank and Signature Bank. She expressed concern over reports that Trump's team might seek to reduce or eliminate top bank regulators, stressing the need for appropriate supervision and deposit insurance to prevent financial crises.
A Secret Service agent fired their weapon during a confrontation with individuals attempting to break into cars outside Treasury Secretary Janet Yellen's Washington D.C. home. No one was reported injured, and it remains unclear if Yellen was present at the time. The suspects fled, and the incident is under investigation by the Metropolitan Police Department and the U.S. Attorney's office.
A U.S. Secret Service agent fired shots near Treasury Secretary Janet Yellen's home after confronting occupants of a vehicle attempting to open car doors in the area. The incident occurred early Tuesday morning, and the car's occupants fled the scene. No one was injured, and the Metropolitan Police Department is investigating. There was no threat to Yellen or other protectees.
A U.S. Secret Service agent fired shots near Treasury Secretary Janet Yellen's Washington, D.C. home after confronting individuals attempting to break into cars on her street. The suspects fled without being hit, and Yellen was not in danger. The incident is under investigation by the U.S. Attorney’s Office and Washington Metropolitan Police.
U.S. Treasury Secretary Janet Yellen has expressed concerns about the declining dominance of the U.S. dollar due to increasing global debt and financial sanctions, as countries like Russia turn to bitcoin and cryptocurrencies. This comes amid predictions of a significant surge in bitcoin's price, fueled by expectations of Donald Trump's potential return to the White House and his favorable stance on crypto.
Treasury Secretary Janet Yellen will warn about the significant risks of using AI in finance, despite its benefits, in a speech at an AI conference. She will highlight AI's potential to improve efficiency and access to financial services but also point out vulnerabilities such as model complexity, data biases, and concentration risks. Yellen emphasizes the need for robust risk management frameworks and scenario analysis to address these challenges.
Treasury Secretary Janet Yellen warns that while AI offers significant opportunities for the financial sector, it also poses substantial risks. In her speech at a financial stability conference, Yellen highlights concerns such as the complexity and opacity of AI models, inadequate risk management frameworks, and potential biases in financial decision-making. She emphasizes the need for regulators to monitor AI's impact on financial stability and suggests using scenario analysis to understand future vulnerabilities.
Republican Sen. John Kennedy accused Treasury Secretary Janet Yellen of borrowing short-term, higher-interest rate debt to artificially boost the economy and aid President Biden's reelection efforts. Kennedy criticized the strategy, arguing it increases taxpayer costs and contradicts Federal Reserve efforts to reduce inflation. Yellen defended the approach, citing market expectations and advisory committee recommendations.
Janet Yellen has cautioned companies against relying on carbon credits as a primary strategy for addressing climate change, emphasizing the need for more direct actions to reduce carbon emissions.
Treasury Secretary Janet Yellen has issued a warning about the $34 trillion U.S. debt, which could lead to higher interest rates and increased debt servicing costs. This has fueled speculation that Bitcoin could surge to $1 million, with some experts predicting a significant rise due to potential Federal Reserve money printing. Former President Donald Trump has also shown interest in Bitcoin as a solution to the national debt, further boosting its price.
Treasury Secretary Janet Yellen emphasized the need to boost revenue to manage US borrowing needs amid higher long-term interest rates. She highlighted the Biden administration's budget proposals aimed at maintaining a sustainable fiscal trajectory and noted the importance of tax negotiations, particularly regarding the 2017 tax cuts set to expire in 2025. Yellen also mentioned the potential implementation of a global corporate minimum tax deal as a revenue source.
US Treasury Secretary Janet Yellen announced that the US plans to impose new sanctions on Iran in response to its attack on Israel, aiming to reduce Iran's capacity to export oil and disrupt its financing of militant groups. Yellen emphasized the need for global cooperation, including with China and G7 partners, to constrain Iran's access to resources for building weapons. The US is using financial sanctions to isolate Iran, disrupt its support for proxy groups, and counter its involvement in Russia's war in Ukraine. Yellen also highlighted the urgency of addressing Palestinian suffering in Gaza and the importance of supporting IMF programs in Jordan and Egypt.
Treasury Secretary Janet Yellen stated that the US is open to considering additional tariffs as a response to China's overcapacity in manufacturing, particularly in areas where there is a flood of cheap goods into the US market. Yellen expressed concerns about surges in Chinese exports affecting not only the US but also other countries, and she emphasized the need to manage the US-China relationship responsibly. The Biden administration has tightened measures to deny China advanced technology and is exploring tariff increases on Chinese electric vehicles, while also defending efforts to boost domestic manufacturing. Yellen warned China against supporting Russia in its war on Ukraine and stated that there will be consequences for Chinese banks or firms aiding Russia in violation of US sanctions.
Treasury Secretary Janet Yellen stated that the US is open to considering all options, including additional tariffs, in response to China's overcapacity in manufacturing, which has led to an influx of cheap goods into the US market. Yellen emphasized that this issue is a concern for multiple countries, including Europe, Japan, India, Mexico, and Brazil.
