A top Federal Reserve official called parts of the Dodd-Frank Act “unnecessarily burdensome” and said some parts may not be needed at all.
Jerome Powell, a member of the Fed’s Board of Governors and a voting member of the Fed’s policy-setting committee, said the financial regulations enacted in the wake of the financial crisis of 2008 are “excessively complex.” He called for easing regulations on banks’ board of directors.
Powell said parts of too-big-to-fail regulations were “inappropriately applied to small and medium-sized” banks.
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