Federal Reserve Board Vice Chairman Janet Yellen said Friday the central bank will soon issue a long-awaited package of proposed rules implementing the Dodd-Frank Act.

"The Federal Reserve will soon release for comment its proposed rule on enhanced prudential standards that would apply to large bank holding companies and systemically important nonbank financial firms," Yellen said in prepared remarks at a conference hosted by the Federal Reserve Bank of Chicago. "Efforts to develop these rules have been progressing well."

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