Yellen: Wouldn't Agree Regs Hurt Growth

The economy would not have grown faster without the financial regulations imposed after the great recession, Federal Reserve Board Chair Janet Yellen said Wednesday.

After repeating her testimony from Tuesday to the House Financial Services Committee Wednesday, Yellen said she "would not generally agree" that without the regulations the economy would have grown faster.

She admitted the housing sector didn't respond as "usual" to rate cuts, but even with mortgage rates increasing, she expects "slow but continued recovery in housing."

Defending the quantitative easing and policy accommodation the Fed used to bring the economy back from recession, Yellen said, "These policies enabled us to add 16 million jobs and bring the unemployment rate down.

The Fed is "committed to shrinking our balance sheet" and expects to continue to remove monetary policy accommodation.

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