Federal Reserve Chair Janet Yellen may be replaced within months as her term comes to an end.
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Federal Reserve Chair Janet Yellen Friday defended the web of regulations the Fed helped enact after the 2008 financial crisis, saying it helped restore the banking system's health and disputing criticism that the rules have hurt lending. Yellen said the Fed is prepared to adjust the regulations as needed to help financial institutions. Some saw Yellen's emphatic defense Friday of the regulatory structure imposed on banks since the 2008 crisis as lessening the likelihood that Trump will reappoint her.Cohn said he ultimately chose not to leave because of the duty he feels to his job.In her speech Friday, Yellen noted that the U.S. and global financial systems were "in a dangerous place 10 years ago," with severe strains that led to the collapse of investment bank Lehman Brothers, the government takeover of mortgage giants Fannie Mae and Freddie Mac and the requirement that taxpayers bail out the largest banks.In addition to higher capital requirements, Yellen said the financial system has been fortified by regulations requiring that the biggest banks undergo annual stress tests to help ensure that they have enough capital to withstand any future severe downturns.The Fed chair said the central bank is open to modifying current regulations, especially to ease restrictions on smaller banks that didn't contribute to the 2008 crisis.
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