Janet Yellen

In a matter of days, millions of Americans could be strapped for cash.”

remarks to the Senate Banking Committee according to "Here’s what the debt limit standoff means for you (September 28, 2021) , 2021

Well, what happened, apparently, was that while the Dodd-Frank Act was being rewritten by the Congress, Janet Yellen changed the wording around and she said, “Well, how do we define a general liquidity crisis?” Well, it doesn't mean what you and I mean by a liquidity crisis, meaning the whole economy is illiquid. She said, “If five banks need to borrow, then it's a general liquidity crisis.” Well, the problem, as she points out, is it's the same three big banks, again and again, and again and again. And these are not short-term loans. She points out that they were 14-day loans; there were longer loans. And they were rolled over, not overnight loans, not day-to-day loans, not even week-to-week loans. But month after month, the Fed was pumping money into JP Morgan and Citibank and Goldman. But then she points out that, or at least she told me, that these really weren't Citibank and Morgan Chase; it was to their trading affiliates. Now this is exactly what Dodd-Frank was supposed to prevent.... So I think the reason that the newspapers are going quiet on this is the Fed broke the law. And it wants to continue breaking the law.

Michael Hudson, quoted by Ben Norton, in Economist Michael Hudson explains inflation crisis and Fed's secretive $4.5 trillion bank bailout, Geopolitical Economy Report Subtitle: Economist Michael Hudson discusses the global inflation crisis and how the US Federal Reserve quietly (and apparently illegally) bailed out big banks in 2019 with $4.5 trillion of emergency repo loans (8 Jan 2022) , 2019

An outstanding choice. Tough, smart and principled

Elizabeth Warren in TRANSITION 2020 progressives praise Yellen but could soon clash with Biden’s Treasury pick published November 27, 2020 , 2020

So, it is not reporting of individual transactions or anything of the like. And it would be a simple thing for banks and other payment providers to provide along with the other information they’re already providing.

"Yellen defends IRS rule requiring banks to report all transactions over $600" (October 5, 2021) , 2021

Economics is a subject that really relates to core aspects of human well-being, and there’s a methodology for thinking about these things. This was a very appealing combination to me. Market systems are capable of massive breakdowns that can result in long, devastating periods of high unemployment. And I felt that economists had really learned something about how to address that.

2014