{"id":568103,"date":"2023-03-30T20:16:05","date_gmt":"2023-03-30T17:16:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/yellen-says-trump-administration-decimated-financial-oversight\/"},"modified":"2023-03-30T20:16:05","modified_gmt":"2023-03-30T17:16:05","slug":"yellen-says-trump-administration-decimated-financial-oversight","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/yellen-says-trump-administration-decimated-financial-oversight\/","title":{"rendered":"#Yellen says Trump administration \u2018decimated\u2019 financial oversight"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dcc1a0bf04\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dcc1a0bf04\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/yellen-says-trump-administration-decimated-financial-oversight\/#Economic_agenda_and_banking_policy_increasingly_geared_toward_ultra_wealthy_investors\" >Economic agenda and banking policy increasingly geared toward ultra wealthy investors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/yellen-says-trump-administration-decimated-financial-oversight\/#Cuts_to_social_programs_while_bailing_out_banking_are_irritating_voters\" >Cuts to social programs while bailing out banking are irritating voters<\/a><\/li><\/ul><\/nav><\/div>\n<div>\n<p>Treasury Secretary Janet Yellen said Thursday that the capacity of the U.S. government to respond to and prop up failing financial markets was \u201cdecimated\u201d by cutbacks enacted during the Trump administration.<\/p>\n<p>Her remarks come in the wake of state interventions to save depositors at failed banks Signature and Silicon Valley Bank (SVB), which catered to a niche clientele of wealthy business people in the cryptocurrency and venture capital sectors. <\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>Depositors were reimbursed for the banks\u2019 losses well above the Federal Deposit Insurance Corporation\u2019s (FDIC) $250,000 standard limit into the billions of dollars.<\/p>\n<p>\u201cWhen the President and I took office in January 2021, we inherited a financial stability <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>aratus at Treasury that had been decimated,\u201d Yellen said at a meeting of the National Association for Business Economics.<\/p>\n<p>\u201cFor example, I walked in to find an FSOC [Financial Stability Oversight Council] team that was less than one third of the size it was five years prior. In 2016, FSOC\u2019s policy, analysis, and operations teams were fully staffed. By 2021, the analysis team had been eliminated,\u201d she said.<\/p>\n<p>Yellen touted the role of the state in the financial sector, sounding notes harkening back to previous eras of global finance that have been highlighted in recent weeks by some influential <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2023-03-22\/global-banking-crisis-opens-a-new-chapter-of-capitalism\">market commentators<\/a>.<\/p>\n<p>\u201cEven in a well-regulated system, public confidence is key. When there are cracks in confidence in the banking system, the government must act im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely. This includes making forceful interventions, like we did. As I have said, we have used important tools to act quickly to prevent contagion. And they are tools we could use again,\u201d she said.<\/p>\n<p>How exactly her statements fit into the Biden\u2019s administration\u2019s wider economic policy, which was branded last year as \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0565\">modern supply side economics<\/a>\u201d and meant to address inequality in the U.S. through public investment, is unclear.<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1400\" height=\"787\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?w=900\" alt=\"Treasury Secretary Janet Yellen\" class=\"wp-image-3913717\" srcset=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg 1400w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=160,90 160w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=300,169 300w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=768,432 768w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=1280,720 1280w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=645,363 645w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=320,180 320w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=256,144 256w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=512,288 512w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=640,360 640w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=876,492 876w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=960,540 960w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/yellenjanet_032223gn07_w.jpg?resize=50,28 50w\" sizes=\"auto, (max-width: 899px) 100vw, 876px\"><figcaption class=\"wp-element-caption\"><em>Treasury Secretary Janet Yellen answers questions during a Senate Subcommittee on Financial Services and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Government hearing to discuss the President\u2019s fiscal 2024 budget for the Department on March 22.<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Economic_agenda_and_banking_policy_increasingly_geared_toward_ultra_wealthy_investors\"><\/span>Economic agenda and banking policy increasingly geared toward ultra wealthy investors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While contrasting rhetorically with older economic agendas of tax cuts and deregulation meant to spur private investment, the Treasury\u2019s policy toward the banking business in recent weeks has followed a familiar playbook of prioritizing the needs of a highly selective group of business investors.<\/p>\n<p>Yellen described depositors in SVB, whose FDIC bailout was bolstered by an additional line of credit from the Federal Reserve backstopped by taxpayer funds at the Treasury, as \u201chighly correlated.\u201d<\/p>\n<p>Financial inequality in the U.S. is off the charts, with the rich and poor sharply diverging over the last 40 years.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>The income share of the bottom 50 percent of U.S. earners has fallen from around 20 percent to 13 percent since 1980 while the share belonging to the top 1 percent has increased from 11 percent to more than 20 percent over the same period, according to the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/gabriel-zucman.eu\/files\/econ133\/2022\/Econ133_Lecture7.pdf\">University of California<\/a>.<\/p>\n<p>That represents a massive concentration of wealth in the hands of a few.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cuts_to_social_programs_while_bailing_out_banking_are_irritating_voters\"><\/span>Cuts to social programs while bailing out banking are irritating voters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, austerity measures in the form of cuts to social programs like Social Security and Medicare hang in the balance as Republicans face off against Democrats in Congress over the debt ceiling, which threatens a U.S. default later this year.<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p>The majority of Americans think the government spends too little on Medicare, Social Security and education in general, according to an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/apnews.com\/article\/spending-budget-poll-biden-cd55f1c3859b62a861cdbdc0cd23bd79\">AP-Norc poll<\/a> released this week. <\/p>\n<p>Meanwhile, bailouts of failed banks are widely disapproved of by Americans, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ipsos.com\/en-us\/half-americans-support-government-bailouts-banks\">other public opinion polls show<\/a>.<\/p>\n<\/div>\n<p>Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/homenews\/3926027-yellen-says-trump-administration-decimated-financial-oversight\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen said Thursday that the capacity of the U.S. government to respond to and prop up failing financial markets was \u201cdecimated\u201d by cutbacks enacted during the Trump administration. Her remarks come in the wake of state interventions to save depositors at failed banks Signature and Silicon Valley Bank (SVB), which catered to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":568104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/6422ebdac52f06.68415974.jpeg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74888,81188,141883,141564,141969,141970,135369,134417,117,13096,134343,70375,4941,5069,134661,90482,70551,134409,70552,124783,991,32681,141939,70289,141178,141971,67874,136951,140619],"class_list":["post-568103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-banking","tag-janet-yellen","tag-2023-banking-crisis","tag-banking-crisis","tag-banking-in-the-united-states","tag-banking-regulation","tag-biden-administration","tag-blog-briefing-room","tag-business","tag-california","tag-campaign","tag-cybersecurity","tag-donald-trump","tag-economy","tag-energy-environment","tag-house","tag-inflation","tag-interest-rate-hikes","tag-interest-rates","tag-international","tag-joe-biden","tag-politics","tag-politics-of-the-united-states","tag-senate","tag-silicon-valley-bank","tag-silicon-valley-bank-failure","tag-united-states","tag-washington-d-c","tag-yellen"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/568103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=568103"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/568103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/568104"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=568103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=568103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=568103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}