Janet Yellen says the Trump administration 'decimated' the Treasury's financial stability department and she's focused on repairing the 'cracks'.

The article focuses on Treasury Secretary Janet Yellen's remarks regarding the state of financial regulation in the U.S. during a National Association for Business Economics conference. Yellen criticized the budget cuts and deregulation efforts from the Trump administration that she claims left the Treasury Department ill-equipped to manage financial stability, particularly in light of recent bank failures like Silicon Valley Bank. She highlighted the significant staffing and funding reductions at the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR), which hindered their ability to monitor systemic risks. Yellen emphasized the need for reassessing regulatory measures to prevent future banking crises and called for completing post-crisis reforms. [Extracted from the article]