Janet Yellen: “Possible” But “Extremely Challenging” For Big Banks to Follow Laws
Federal Reserve Chair Janet Yellen said that she believes the largest banks in the country can legally exist, days before a handful of them are due to submit reports to the Fed that could lead to their breaking-up. “We believe it is possible, even though it is extremely challenging for [these] organizations to comply with the law,” she said, in testimony before the House Financial Services Committee. Yellen made the remarks in response to questions about Wells Fargo that had been asked by Rep. Brad…