3 days ago
Yellen, Bernanke Oppose GOP-Backed Cuts to Financial Research
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Former Federal Reserve Chairs Janet Yellen and Ben Bernanke, along with several other academics, market participants and former Treasury officials, urged congressional leadership to oppose cuts to an office charged with gathering data aimed at preventing another financial crisis.
Shuttering the Office of Financial Research, an independent agency housed at the Treasury Department funded by a fee assessed on large financial institutions, would prevent the White House and key agencies from obtaining information that could be used to address systemic financial risks, Yellen, Bernanke and others wrote in a letter to US legislative leaders, a copy of which was viewed by Bloomberg News.
