The Federal Reserve might not be able to cope with another financial crisis on the scale of 2008, while president Donald Trump’s administration was failing to undertake necessary reforms, Janet Yellen warned.

Many of the reforms pushed through after the 2008 crisis by US lawmakers working with the Obama administration had “significantly boosted the resilience of the US financial system”, the former Fed chair said. But other changes might have weakened the Fed’s ability to deal with crises, she