WASHINGTON Dec 14 Federal Reserve Chair Janet
Yellen said on Wednesday that tough banking rules are protecting
financial markets and should largely be held in place.
Many of those rules were conceived after the 2008 financial
crisis and require the largest firms on Wall Street to hold more
capital against future losses.
"We have reduced the odds that (a) systemically important
firm could fail," Yellen said at a press conference to discuss
monetary policy. "I would say it's very important not to roll
President-elect Donald Trump has said he wants to erase some
banking rules that are too costly to satisfy and are hindering
Yellen said existing banking rules could be tweaked but that
they are mostly a benefit.
Banking rules, Yellen said, "provide us another way of
ensuring that the firms we count on to supply credit to
households and businesses would be able to go on doing that even
in the face of a severely adverse shock."
(Reporting By Lucia Mutikani and Patrick Rucker; Editing by