Yellen urges the upcoming Trump administration: Do not take radical measures to interfere with necessary bank regulation

Reuters exclusively revealed that U.S. Treasury Secretary Yellen urged the incoming Trump administration on the 13th local time not to interfere with appropriate regulation of U.S. bank capital levels, liquidity, and risk-taking. These regulations are crucial for ensuring the health of the banking system. Reuters mentioned that Yellen has been serving as Treasury Secretary in the Biden administration since January 2021. She stated that the current U.S regulatory system is not perfect and seeking ways to reduce burdens is reasonable. However, she also warned against taking aggressive measures to interfere with necessary regulation given history of bank failures leading to financial crises. "I don't want to say what we have is absolutely sacred or untouchable but I don't think it's broken down either. We have a good system," Yellen told Reuters.