Fed's Powell: Financial regulation too complex
The financial regulations enacted in the United States in the wake of the financial crisis of 2008 are "excessively complex," member of the Federal Reserve's Board of Governors Jerome Powell (pictured) said on Thursday.
One of the central bank's top officials and expert on financial stability risks stated that parts of the Dodd-Frank Act are "unnecessarily burdensome" and might not even be required at all. He urged the government to ease regulations on bank's board of directors, explaining that segments of the too-big-to-fail regulatory reforms were inappropriately applied to small and medium-sized banks. However, the US cannot return to a highly vulnerable banking system, Powell concluded.
The rate-setter also said the US needs national focus on boosting the pace of economic growth, but added that the economy is at or close to full employment.