Yellen underscores importance of financial regulation cooperation in call with EU official

FILE PHOTO: U.S. Treasury Secretary Janet Yellen, the former Federal Reserve chair, holds a news conference after a two-day Federal Open Market Committee (FOMC) meeting in Washington, U.S. December 13, 2017. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen discussed the importance of close transatlantic financial regulatory cooperation in a phone call with the European Union’s finance services chief, Mairead McGuinness, on Tuesday, Treasury said in a statement.

In the call, Yellen emphasized the importance of the transatlantic partnership and conveyed her intention to deepen U.S.-European cooperation on issues such as ending the COVID-19 pandemic, supporting a strong global economic recovery, fighting income inequality, and combating climate change, Treasury said.

She also discussed the importance of “close transatlantic financial regulatory cooperation in promoting the safety and soundness of our respective financial systems and reducing regulatory frictions,” the statement said.

Reporting by Andrea Shalal; Editing by Leslie Adler