Janet Yellen didn’t mention Trump by name in her major speech, but her concerns about his anti-regulatory stance were enormous

• Treasury Secretary Janet Yellen frequently criticized the previous administration in a speech on Thursday.

• She did not mention Trump by name, but said his appointees had rolled back key regulations to protect the economy.

• Yellen’s remarks come as the economy is a key issue for everyday voters and private sector leaders.

Speaking at Thursday’s U.S. Treasury Market Conference, Treasury Secretary Janet Yellen often referred to her predecessors – and their mistakes. She did not mention former President Donald Trump or his nominees by name, but made clear that she believed his administration was threatening the country’s financial security.

In sentences that included allusions to the past and the “previous administration,” Yellen outlined what she believed were the risks of Trump’s first presidency, and then detailed the perceived risks of another Trump term.

“In January 2021, I took a position at the Treasury Department, whose focus on financial stability had all but disappeared,” she said. She said the results could have a detrimental impact on the financial health of ordinary Americans.

In particular, Yellen pointed to how the Trump administration cut the budget of the Financial Stability Oversight Board, which was established in the wake of the 2008 financial crisis.

FSOC is a group of leading regulators – including the chairmen of the Federal Reserve and the Securities and Exchange Commission – who work together to monitor financial risk. In her role as Treasury secretary, Yellen chairs the committee.

Staffing and funding for the FSOC have declined during the Trump era, so Yellen didn’t hesitate to express her disappointment.

“Put simply, we did not have key tools to identify and help respond to risks to financial stability,” she said. “That’s why we’ve rebuilt the FSOC, increasing staff and increasing the agency’s ability to come together to share knowledge and insights.”

The Treasury Department did not immediately respond to Business Insider’s request for comment.

In an interview before the speech, Yellen used vaguely disguised language when talking about her predecessors. In an interview with Politico, she again avoided mentioning Trump directly, but did mention the possibility of significant deregulation if he wins in November. She also expressed concern that there would be no smooth transfer of power after the elections.

And when asked about a specific part of her speech in which she mentions “those who advocate rolling back policies and regulations,” Yellen nodded to Steven Mnuchin, who held her position under Trump. Again, she didn’t say Mnuchin’s name, but her message was clear.

There is no indication that the second Trump administration would have a different approach to regulation than the first. Jon Hilsenrath, a former economics editor at the Wall Street Journal who wrote Yellen’s biography, said another Trump presidency would undo her regulatory efforts.

“I think it’s safe to say that if Trump is elected, one of his early targets for change will be Yellen’s financial sector regulatory agenda, including Basel III bank capital regulations,” he told Business Insider in a statement, referring to proposed rules regarding a financial cushion for large banks.

As business leaders focus on economic appointments and regulators consider the future of banking supervision, Yellen’s veiled allusions to Trump reflect general uncertainty about how the economic landscape will change in November.

More broadly, the economy is a key – if not the key – issue for voters. Both Trump and Vice President Kamala Harris have placed their economic programs at the center of their campaigns.

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