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Manchin presses Yellen on banking rules

Sen. Joe ManchinJoseph (Joe) ManchinOvernight Health Care: Moderna to apply for emergency use authorization for COVID-19 vaccine candidate | Hospitals brace for COVID-19 surge | US more than doubles highest number of monthly COVID-19 cases Bipartisan Senate group holding coronavirus relief talks amid stalemate Major unions back Fudge for Agriculture secretary MORE made a case for careful regulation of the nation’s community banks during a meeting Wednesday with President Obama’s nominee to head the Federal Reserve, the West Virginia Democrat said.

Janet YellenJanet Louise YellenThe Memo: Tension builds around key Biden nominees Biden takes steps toward creating diverse Cabinet On The Money: Biden announces key members of economic team | GOP open to Yellen as Treasury secretary, opposed to budget pick | GAO: Labor Department 'improperly presented' jobless data MORE, currently the central bank’s vice chairwoman, is making the Senate rounds as she seeks to build support for her confirmation to the succeed Ben Bernanke in the chairmanship.

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Following her meeting with Manchin, the senator issued a statement complimenting Yellen’s “honest and straight forward approach,” though he did not say whether he would support her confirmation.
 
Under its next chief, the Federal Reserve will play a key role in helping to craft a host of unfinished rules required by the Dodd-Frank financial reform law.

Community banks have warned that they would be disproportionately hurt by the regulations, which are meant to rein in the Wall Street giants seen as helping cause the 2008 economic crisis.

“I conveyed to her my concerns that community banks be treated fairly as we finalize Dodd-Frank regulations, but also the need to implement these rules so that we address the problems that led to Too-Big-To-Fail,” Manchin said in a statement following the meeting.

Manchin said the conversation was productive, though he said he wanted to hear more during Yellen’s upcoming appearance before the Senate Banking Committee.