Fed Chair Defends Dodd-Frank Act, Pledges to Serve Full Term

In an appearance before a top congressional economic committee today, Federal Reserve Chairwoman Janet Yellen defended the Dodd-Frank Act and pledged to serve out her term despite criticism from Donald Trump during his presidential campaign.
2:21 | 11/17/16

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Transcript for Fed Chair Defends Dodd-Frank Act, Pledges to Serve Full Term
One of the most significant responses to the financial crisis was passage of the Dodd-Frank. Law. A today as a result of this law that the financial system is stronger. Safer and more stable. How do you how do you feel about repealing. Dodd-Frank. Will. You. Agree with your assessment. We live through a dip to staging financial crisis. And a high priority I think. For all Americans should be it we want to see put in place safeguards. Through supervision. And regulation. It resolved in the safer and sounder. Financial system. And I think we have been doing that and our financial system is a consequence. Is safer in Santer. And many of you appropriate reforms. Are embodied. In Dodd-Frank. We now have much higher capital. Than before at the crisis. On much. The more strange in liquidity requirements. On. Derivatives. Standardized derivatives are now subject to central clearing and derivatives both cleared. In unclear are subject to margin requirements. Did increase their safety. We have the new orderly liquidation authority. We're focusing on re a solution through. And in the ending too big to fail through the living wills process which. I think is really changing the mindset. Of large financial firms about helping need to run their businesses. And making them safe during Santer and Dodd-Frank. Placed considerable emphasis. On financial stability. We now have a group the F sock did. Needs all the regulators to consider. And threats to financial stability so. I think Dodd-Frank was very important in fostering those changes and we should feel clay at that our financial system is now operating on that safer in center funding.

This transcript has been automatically generated and may not be 100% accurate.

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