A decade has passed since the beginnings of a global financial crisis that resulted in the most severe financial panic and largest contraction in economic activity in the United States since the Great Depression. Already, for some, memories of this experience may be fading--memories of just how costly the financial crisis was and of why certain steps were taken in response. Today I will look back at the crisis and discuss the reforms policymakers in the United States and around the world have made to improve financial regulation to limit both the probability and the adverse consequences of future financial crises. A ... (full story)

Federal Reserve Chair Janet Yellen, looking back a decade after the initial onset of the financial crisis, said Friday the finncial system is safer now than it was then though some adjustments may be needed to regulations. The central bank chief spoke at the Fed's annual conference in Jackson Hole, Wyoming. Though the speech is closely watched in financial markets, Yellen offered no clues about the future of monetary policy, instead focusing on the history of the crisis and what regulators have done in response. She warned that future crises are inevitable but said the housing meltdown taught valuable lessons. ... (full story)