Janet Yellen

During the January 2021 squeeze. Yellen (also former Fed Chair 2014-2018) convened Financial Stability Oversight Council (FSOC) meetings to review the event. FSOC took no structural action. Treasury issued no directives to Robinhood, Citadel, DTCC, or the broker-dealer ecosystem.

Structural function. Macro-level insulation. By taking no Treasury-level action, Yellen confirmed that the event was being handled entirely at the DTCC/the Securities and Exchange Commission (SEC)/broker level — the architectural layer that protects systemic continuity from retail volatility. The FSOC meeting was announcement-layer; the non-action was substrate-layer. Event contained without executive intervention required.