The next head of the Federal Reserve has left the door open to more tough rules on Wall Street in the future.
Janet Yellen, set to take over the Fed at the end of the month, told Time magazine in an interview that the Dodd-Frank financial reform law is a “good road map” but did not guarantee it would be enough.
“Dodd-Frank is a good road map and lays out most of the steps that are necessary,” she said. “But we may also need to take some further steps that have not been taken yet.”
Yellen was confirmed by the Senate Monday and will be the Fed’s first female head and chief steward of the nation’s economy.
On the economic front, Yellen struck an optimistic tone, predicting stronger growth in 2014 and a fresh surge in the housing market.
“I expect it to pick back up and I do expect a further recovery,” she said.
Yellen takes over the Fed amid fresh criticism about its unprecedented efforts to pump stimulus into the economy. She defended the trillions of dollars in bonds the Fed has purchased under its "quantitative easing" programs and dismissed charges the effort did more to push stock prices to record levels than help average workers.
“A lot of people say this is just helping rich people. But it’s not true,” she said.