In possibly her last visit as Chairwoman to the Federal Reserves annual conference in Jackson Hole, Wyo., Janet Yellen decided to go out with a bang. Rather than the customary focus on monetary policy, she used her platform to ardently defend the regulatory response to the 2007-2008 financial crisis. Foremost was her avowal that the Dodd-Frank Act has boosted resilience without damaging the economy, cautioning that any attempted reforms to the legislation should be modest.
Predictably, critics have piled on to criticize Republican efforts to peel back the post-crisis regulatory web,…

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