Janet Yellen says the Trump administration 'decimated' the Treasury's financial stability department

[Yo_Mama_Been_Loggin]

Treasury Secretary Janet Yellen came out swinging in a Thursday speech at a National Association for Business Economics conference.

“When the President and I took office in January 2021, we inherited a financial stability apparatus at Treasury that had been decimated,” she said in prepared remarks, arguing that Trump administration budget cuts left her without the proper resources to regulate banks when she took office.

After the sudden collapse of Silicon Valley Bank earlier this month, along with demise of the crypto-focused Signature Bank and Silvergate Bank, Yellen and other regulators have been under fire from politicians and Wall Street for missing clear red flags. Konrad Alt, cofounder of the investment firm Klaros Group, who previously served as counsel to the Senate Banking Committee, told Fortune earlier this month that the main issue at SVB—not accounting for the risk of rising interest rates—has been well-known for years.

“‘The fact is, we’ve known that this was a gap for a long time…. regulators should have caught it, and they didn’t catch it,” he said.

https://www.msn.com/en-us/money/markets/janet-yellen-says-the-trump-administration-decimated-the-treasury-s-financial-stability-department-and-she-s-focused-on-repairing-the-cracks/ar-AA19hnO0

[sakabatou]

1. Repukes break things and Democrats have to fix it.

[joshdawg]

6. And then after the repair is made,

republicans are voted back into power. Why!!??!

[Demanchor]

8. And if the dem fixers don't fix every single thing

And every single detail aligned and balanced with all i’s dotted and t’s crossed within 24 hours of being elected they’re “both sides the same”.

We’re supposed to be better than superheroes and god himself don’t you know?

[barbaraann]

2. Is anyone documenting the damage Trump and the GOP did to our government?

I hope so. At this stage of my life, I just don't have 500.000 hours to give.

[underpants]

3. Someone needs to call Mnuchin's slimy ass up to testify

[maxsolomon]

5. He will lie.

There will be no accountability for gutting the Federal Govt.

[Hekate]

4. I'm shocked, shocked I tell you

I hope Treasury is in a hiring frenzy

[Botany]

7. Trump signs the biggest rollback of bank rules since the financial crisis

President Donald Trump signed the biggest rollback of bank regulations since the global financial crisis into law Thursday.

The measure designed to ease rules on all but the largest banks passed both chambers of Congress with bipartisan support. Backers say the legislation will lift burdens unnecessarily put on small and medium-sized lenders by the Dodd-Frank financial reform act and boost economic growth.

Opponents, however, have argued the changes could open taxpayers to more liability if the financial system collapses or increase the chances of discrimination in mortgage lending.

“Dodd-Frank was something they said could not be touched. And honestly, a lot of great Democrats knew that it had to be done and they joined us in the effort,” Trump said before he signed the bill, surrounded by lawmakers from both major parties. “And there is something so nice about bipartisan, and we’re going to have to try more of it. Let’s do more of it.”

https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html

[jaxexpat]

11. Golly, imagine there are legislators on both sides who shouldn't....

be trusted to know what's right or wrong when it comes to bank regulation. But the responsible thing is to consult with qualified persons and take their recommendation. Short version, anything Trump wanted was wrong for the country. You support his goals, someone's gonna suffer.

[LymphocyteLover]

9. Of course they did. They wanted to destroy govt. They were barbarians. Evil shits.

[markodochartaigh]

10. Oiligarchs love to blow societies up

then they go picking through the rubble and buy up the best bits for pennies on the dollar. Not only does it increase their wealth, it also increases their wealth asymmetrically.

[soldierant]

12. I'll bet "decimated" is an understatement.

"Decimated" meant removing one out of every ten - in other words, reducing by 10%. I'll bet we were left with a lot less than 90%

[Cha]

13. Of course, Orders from Putin.

[gratuitous]

14. Same thing they did to the IRS and the National Weather Service

And they personnel that survived the reductions in force became the former guy's personal moles to sabotage efforts to restore functionality to government agencies.

[not fooled]

15. Lots of Federal employees vote puke

Go figure. By now, the evidence that the puke oligarchy wants to destroy Federal employment is crystal clear. Any Fed who still supports red don is an idiot.

[live love laugh]

17. Add: Dept of Agriculture, EPA, Post Office .... across the board

[live love laugh]

16. Why not get ahead of it by communicating this earlier?

Now it looks like the excuses.

[Skittles]

18. THANK YOU

WTF