The Federal Reserve prevented a major financial breakdown in March, but the US must implement major regulatory reforms or face another crisis, according to former Federal Reserve chair, Janet Yellen.
Regulators’ failure to curb growing leverage in the non-bank sector meant firms went into the crisis in a precarious position, she said. Outflows in March, caused by investor fears over the safety of their investments, would have caused a financial crisis without critical liquidity support from the
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