• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

2

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

3

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

1

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

2

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

3

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
FinanceFederal Reserve

The Senate Really Wants Janet Yellen to Talk about Donald Trump

By
Stephen Gandel
Stephen Gandel
and
Annalyn Kurtz
Annalyn Kurtz
Down Arrow Button Icon
By
Stephen Gandel
Stephen Gandel
and
Annalyn Kurtz
Annalyn Kurtz
Down Arrow Button Icon
February 14, 2017, 3:16 PM ET

Janet Yellen really doesn’t want to talk about Donald Trump. But that won’t stop a number of senators from trying.

In a hearing before the Senate Banking Committee Tuesday, they pressed Yellen on the economic impact of everything from tax reform and the possible repeal of the Affordable Care Act, to immigration and even climate change.

“We recognize that there may be significant economic policy changes and that those changes could affect the outlook,” Yellen said. “We’re very well aware of that. We don’t yet have enough clarity on what changes will be put in place to really clearly factor those policy changes into the economic outlook.”

Sen. Elizabeth Warren, a democrat from Massachusetts, used her line of questioning to fact-check President Trump’s claim that business lending had dried up as a result of Dodd-Frank banking regulations.

Last week, President Trump said it was time to “do a number” on Dodd Frank because it was making it hard for people to borrow. Trump said he had a lot of friends who couldn’t get loans, but it seems many of Trump’s associates haven’t had trouble borrowing lately.

Yellen noted business lending by banks has exceeded the 2008 peak. According to this chart from the St. Louis Fed, it’s at its highest levels since the late 1980s, even after adjusting for inflation.

Yellen had also noted that only a small number of business owners had complained about tight borrowing conditions recently. The latest surveys by the National Federation of Independent Business, show only four percent of small business owners report that their borrowing needs were not satisfied.

That didn’t stop some senators from continuing to claim that it was obviously killing lending, small banks, and by extension small businesses. Republican Senator Thom Tillis questioned Yellen’s numbers of the availability of loans, calling them “absolutely defiant of what I’m seeing in the small business community and community banks particularly in North Carolina,” his home state. Tillis said the numbers he has seen show that business lending has slowed since Dodd-Frank has passed.

That, however, doesn’t appear to be the case. According to the latest data from the Federal Deposit Insurance Corp., business lending, which is categorized as commercial and industrial lending, has risen on average 8% a year since the passage of Dodd-Frank. That’s about double the average growth rate of C&I loans since the FDIC first began collecting the data back in the mid-1980s. It’s also faster than the 5% loan growth that C&I averaged in decade before Dodd-Frank was passed.

Sen. Warren also prompted Yellen to comment on an assertion by top Trump economic advisor Gary Cohn, and former Goldman Sachs top banker, that banks, as a result of Dodd-Frank, have been forced to hold larger reserves that cannot be leant to borrowers.

“It’s not a requirement that they take money and stick it in a safe where it cannot be used,” Yellen said.

Cohn, in an interview with Fox Business earlier this month had claimed that banks, “instead of lending capital … to their clients and allowing them to grow their businesses and hire people and create jobs, they’ve been taking those reserves and taking that capital and hording it to meet the regulatory requirements and pay for additional regulations.”

Sen. Dean Heller, a republican from Nevada, pressed Yellen on several specific policy proposals, and she refused to bite.

Asked specifically how she felt about the proposed border tax, she said, “I’m not going to tell you that, either.”

As is customary for the Fed chair, Yellen is scheduled to testify again on Wednesday before the House Financial Services Committee. Her prepared remarks are expected to be identical to those she delivered today.

About the Authors
By Stephen Gandel
See full bioRight Arrow Button Icon
By Annalyn Kurtz
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Oil markets could be a month away from the moment of truth. Brace for a ‘non-linear’ price spike and panic buying, analysts warn
EnergyOil
Oil markets could be a month away from the moment of truth. Brace for a ‘non-linear’ price spike and panic buying, analysts warn
By Jason MaMay 16, 2026
2 hours ago
lirr
EconomyRailroads
Spring Hamptons traffic nightmare as Long Island Rail Road workers go on strike
By Philip Marcelo, Nick Lichtenberg and The Associated PressMay 16, 2026
7 hours ago
delivery
Retailecommerce
Walmart’s upper hand over Amazon in the $1 trillion e-commerce race: 90% of Americans live within 10 miles of a superstore
By Anne D'Innocenzio and The Associated PressMay 16, 2026
7 hours ago
milei
North AmericaInflation
Argentinians wage inflation strike on red meat sending beef consumption to 20-year low
By Clara Preve and The Associated PressMay 16, 2026
7 hours ago
tom
SuccessEntrepreneurs
Top Chef’s Tom Colicchio got a 15x return on a tech company most Americans have never heard of. He thinks his own industry is broken
By Nick LichtenbergMay 16, 2026
10 hours ago
bhaskar
Economydisruption
The prophet of the ‘Wired Belt’ says capitalism is finally eating itself
By Bhaskar ChakravortiMay 16, 2026
11 hours ago

Most Popular

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
Success
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
By Preston ForeMay 13, 2026
3 days ago
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
9 hours ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
4 days ago
Current price of oil as of May 15, 2026
Personal Finance
Current price of oil as of May 15, 2026
By Joseph HostetlerMay 15, 2026
1 day ago
Meet the 20-year-old CEO who launched a company in high school to solve Gen Z's entry-level job crisis
Future of Work
Meet the 20-year-old CEO who launched a company in high school to solve Gen Z's entry-level job crisis
By Jake AngeloMay 16, 2026
12 hours ago
‘You’re not a hero, you’re a liability’: Shark Tank’s Kevin O’Leary warns Gen Z founders to stop glorifying hustle culture
Future of Work
‘You’re not a hero, you’re a liability’: Shark Tank’s Kevin O’Leary warns Gen Z founders to stop glorifying hustle culture
By Jacqueline MunisMay 16, 2026
9 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.