Fed Yellen speaks on banking regulation, reiterates 'no fixed timetable for raising rates'

Speaking to the US House of Financial Services,  Federal Reserve Chair Janet Yellen said Wednesday regulators need to do more to alleviate the regulatory burden on small lenders.

"With respect to small and medium-sized banks, we must build on the steps we have already taken to ensure that they do not face undue regulatory burdens," Yellen said.

She concluded introductory remarks saying that “Yet even as we finalize the major elements of post-crisis reform, our work is not complete. We must carefully monitor the impact of the regulatory changes we have made and remain vigilant regarding the potential emergence of new risks to financial stability”, she said. “We must stand ready to adjust our regulatory approach where changes are warranted. The work we do to ensure the financial system remains strong and stable is designed to protect and support the real economy that sustains the businesses and jobs on which American households rely.”

Her remarks did not address monetary policy or economy outlook.  However, in the Q&A session, she reiterated there is 'no fixed timetable for raising rates'.

She also assured, she does not see a conflict of interest and has never seen politics in Fed's decisionmaking, answering to the possibility that Brainard may end up in a Clinton administration.