She also called for stronger regulation of the growing non-bank, or 'shadow bank', sector.
In remarks prepared for delivery to the National Association for Business Economics, Yellen also called for stronger regulation of the growing non-bank, or "shadow bank", sector, including money market funds, hedge funds and crypto assets.
She added that regulatory reforms put in place after the 2008 financial crisis have helped the U.S. financial system weather shocks, including the COVID-19 pandemic. But Yellen said it was important that U.S. regulatory authorities examine whether the current supervisory and regulatory regimes "are adequate for the risks that banks face today. We must act to address these risks if necessary."
"And we would be prepared to take additional actions if warranted," she added, without specifying steps that could be taken.Yellen called for more regulation to address risks emanating from non-bank institutions, including liquidity risks, and said rules should not allow risks to shift elsewhere in the financial system to avoid regulation.
The multi-regulator Financial Stability Oversight Council's restored Hedge Fund Working Group will continue to monitor risks and develop policy recommendations, Yellen said.
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