Carolyn B. Maloney

The Latest: Yellen defends tougher bank regulation

The latest on Federal Reserve Janet Yellen's testimony to Congress' Joint Economic Committee (all times Eastern):


11:20 a.m.

Federal Reserve Chair Janet Yellen, staking out a position in opposition to the incoming Trump administration, gives a strong defense of the Dodd-Frank Act. That's the 2010 legislation that increased regulations on the financial system in an effort to prevent a repeat of the 2008 financial crisis.

Yellen tells Congress' Joint Economic Committee that after the country lived through a "devastating financial crisis," there was a need to put into place safeguards that would make the financial system safer. She says, "I...