Yellen: Don't water down post-crisis rules
The world's most powerful central banker has warned against watering down regulations put in place following the financial crisis.Janet Yellen, chair of the US Federal Reserve, said rule changes had made the system "undoubtedly safer".She insisted there was no evidence that regulatory changes had either acted as a drag on economic growth or hindered the ability of banks to lend.Her comments will be seen as a warning to the White House not to water down regulations put in place after the crisis.Many Republican politicians have been urging a loosening in regulations, in particular the Dodd-Frank Act, which became law in 2010 and which aimed to protect consumers by ensuring no bank could be "too big to fail".Speaking at the annual gathering of central bankers at Jackson Hole, Wyoming, Ms Yell...