- Treasury Secretary Janet Yellen presided over a meeting Wednesday of the Financial Stability Oversight Council.
- She set out a slew of reforms she will seek, including on the Treasury, mutual fund and money market segments.
- In addition, Yellen repeated concerns she has about the impact that climate change could have on the financial system.
Treasury Secretary Janet Yellen laid out a three-pronged agenda on Wednesday to address what she described as ongoing threats to the nation’s financial system.
Those threats include both disruptions that occurred early in the Covid-19 pandemic as well as more recent developments regarding hedge funds.
Presiding over the Financial Stability Oversight Council, which she now leads but was once a member, Yellen said last year’s market disruptions at the onset of the Covid-19 pandemic could have been worse.
“If not for the swift action of the Federal Reserve, Treasury, Congress and others, those stresses may have led to an even greater economic contraction,” she said. “Indeed, we are digging out of a deep hole now, but we should be mindful that the hole could easily have been deeper.”