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After substandard, reckless lending practices by Big Banks during the financial crisis went largely unpunished, many considered major banking institutions “too big to fail.”

Despite legislative protections enacted in response to the Great Recession — like the Dodd-Frank Wall Street Reform and Consumer Protection Act — Big Banks continue to thrive in California’s recovering economy, prompting many to ask: Are Big Banks still too powerful to be controlled by the Federal Reserve (the Fed)?

Janet Yellen discusses steps the Fed has taken to limit Big Banks’ liberties and balance the power in favor of the Fed.

Related articles:
Too big to fail or too rich to fail?
The three lessons Big Banks didn’t learn and why they will wreck the housing market again
Getting tough with Big Banks (and missing the point)