Chair of the Federal Reserve, Janet Yellen gave a tepid thumbs-up to the economic recovery while expressing disappointment and caution in the housing market, pledging to remain vigilant over asset bubbles. Yellen expressed confidence in her oversight of the 'mega banks' and was satisfied with their liquidity and liquidity requirements. To Warren's dismay, Yellen believes the fed has a firm grasp on oversight in the area of these financial firms.
However, some of the questioning got a bit more granular, as Democrat Senator from the State of Massachusetts, Elizabeth Warren questioned Yellen on whether ultra-large financial institutions ('too big to fail) remained a threat to the economy. She pointed out that JPMorgan Chase, for instance, has 3,391 subsidiaries - more than three times the number of Lehman Brothers when it ultimately collapsed and was not saved in the 2008 financial crisis.