The New York Fed Chief Is Stepping Down — but Not Quietly<br />Ms. Yellen gave a speech last summer defending regulations that she said made the “financial system substantially safer.”<br />And Stanley Fischer, who announced his plans to step down as vice chairman of the Fed earlier this year, said in an interview with the Financial Times<br />that any move to tamper with Dodd-Frank would be “mind boggling” and “extremely dangerous.”<br />“There has been a broad message from the leadership of the Fed<br />that Dodd-Frank has been effective and that you have to leave it alone,” said Chris Whalen, a financial consultant who worked at the New York Fed.<br />William C. Dudley, who has been president of the Federal Reserve Bank of New York since the financial crisis<br />and became a forceful advocate for cultural change at large financial institutions, announced Monday that he will retire next year.<br />Only hours after his early retirement was announced, Mr. Dudley delivered a stark public warning against rolling back laws aimed at keeping large banks<br />and Wall Street firms in check — the latest Fed official to voice concerns about a trend toward deregulation under the Trump administration.<br />“We had a woefully inadequate regulatory regime in place, and while it is much better now, there is still work to do.”<br />Mr. Trump and his top economic advisers have made no secret<br />that they believe many post-crisis financial regulations overreached and are now restricting banks from making loans and trading securities.<br />In his speech on Monday, Mr. Dudley cautioned against making broad changes to the Dodd-Frank Act, the web of rules<br />and regulations put in place in the wake of the 2008 financial crisis to prevent a repeat meltdown.
