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February 28, 2014

Fed Board Should Vote on Bank Enforcement Actions: Yellen

 “The Federal Reserve Board is likely to begin voting on significant enforcement actions against financial institutions, Chair Janet Yellen said Thursday.”

“Her endorsement of the idea came after pressure from Sen. Elizabeth Warren, who has pressed the central bank for months to elevate the importance of supervisory actions.”

“The Massachusetts Democrat raised the issue once again during a Senate Banking Committee hearing with Yellen, asking her if she would support requiring a board vote for enforcement actions.”

“‘Senator, I think that you have raised very important questions about this and I do think it’s appropriate for us to make changes and I fully expect that we will,’ said Yellen, who was there to testify about the Fed’s semiannual monetary policy report.”

“The answer was a shift from Yellen’s previously expressed view during her Nov. 14 confirmation hearing, where Warren first called on the then-nominee to ensure bank supervision of the country’s largest institutions is on equal footing with the central bank’s monetary policy decision-making.”

“‘I’m concerned that those responsibilities just aren’t a top priority for the Board of Governors,’ Warren said at the time.”

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Read full American Banker article here.

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