Yellen stated, "In January 2021, I stepped into a Treasury Department whose focus on financial stability had all but disappeared. The results could be detrimental to everyday Americans' financial wellbeing."
She emphasized her concerns, saying, "Put simply, we were without crucial tools to identify and help respond to risks to financial stability. So, we rebuilt FSOC, scaling up staff and increasing opportunities for agencies to come together to share expertise and insights."
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