Congress, Trump should work to reduce regulations on smaller banks
Apparently Federal Reserve Chairwoman Janet Yellen feels more at liberty now to do the right thing. No wonder. She has a conservative Congress to back her up — and a president unlikely to veto its actions.
On Tuesday, Yellen testified before the Senate Banking Committee. One of her key points was that the Fed has been attempting to lessen the regulatory burden on small community banks — and would like Congress to clear the way for more to be done in that regard.
Yellen was nominated to her post by former President Barack Obama, who clearly would not have gone along with her on deregulation. Now, however, it is a real possibility.
Yellen was right to tell senators, “It is important to look for every way we can to mitigate the regulatory burden” on smaller financial institutions. Congress and Trump should do just that.