NEW YORK (TheStreet) -- Federal Reserve Chair Janet Yellen speaking on Capitol Hill Thursday morning addressed a number of topics on the economy, raising interest rates and the outcome of the recent presidential election that saw Republican Donald Trump victorious.
During the campaign, Trump was critical of Yellen and the motivations behind her decisions as Fed chair. After Trump won, speculation surfaced that Yellen might resign before the end of her term. During Thursday's hearing, which aired on BloombergTV, Yellen confirmed her plans to remain at her post until the end of her term in 2018.
One of President-elect Trump's plans is to dismantle the 2010 Dodd-Frank Act, which is a financial regulatory law put in place by President Obama in 2010, as a way to keep an eye on the banks in the wake of the financial crisis.
"Dodd-Frank has made it impossible for bankers to function," Trump told Reuters in an interview back in May. "It makes it very hard for bankers to loan money, for people to create jobs, for people with businesses to create jobs. And that has to stop."
During the hearing, Yellen was questioned about her feelings on repealing this law, which she described as "very important."
"We lived through a devastating financial crisis and a high priority I think for all Americans should be that we want to see put in place, safeguards through supervision and regulation that result in a safer and sounder financial system," Yellen responded.
She went on to say that she believes we have been doing that and that as a consequence the U.S. financial system is more safe and sound.
"Many of the appropriate reforms are embodied in Dodd-Frank," Yellen added. "We now have much higher capital then before the crisis. Much more stringent liquidity requirements, derivatives, standardized derivatives are now subject to central clearing and derivatives both cleared and uncleared are subject to margin requirements that increase their safety."
Yellen continued to list the positives resulting from Dodd-Frank which include a new liquidation authority and a focus on finding a resolution to "too big to fail" through the living wills process.
"Dodd-Frank placed considerable emphasis on financial stability, we now have a group, the FSOC, that meets all the regulators to consider threats to financial stability," Yellen said.
Yellen was asked if she is concerned that a repeal of Dodd-Frank would make another financial crisis more likely.
The Fed chair responded by simply stating that she wouldn't want to see the "clock turned back" on all of the improvements Dodd-Frank has put in place. The improvements are important in "diminishing the odds of another financial crisis."