Trump Pick for Fed's Wall Street Watchdog Plans to Ease Rules

[Judi Lynn]

Source: Bloomberg


By Elizabeth Dexheimer and Jesse Hamilton
July 26, 2017, 4:45 PM CDT


President Donald Trump’s pick to be the Federal Reserve’s top Wall Street watchdog said it’s time to reconsider the restrictions imposed on banks in recent years, even as he credited regulations with helping stabilize the financial system after the 2008 crisis.

“As with any complex undertaking, after the first wave of reform, and with the benefit of experience and reflection, some refinements will undoubtedly be in order,” said Randal Quarles, Trump’s nominee to be the Fed’s first vice chairman of supervision.

Quarles made the comments in prepared testimony for a Thursday confirmation hearing before the Senate Banking Committee. Lawmakers will also hear testimony from Joseph Otting, the president’s selection to run the Office of the Comptroller of the Currency. Their remarks were obtained by Bloomberg News.

If confirmed by the Senate, Quarles and Otting will be the two most powerful U.S. banking regulators, setting them up to play leading roles in the Trump administration’s efforts to roll back financial rules. The two would have extensive influence over bank capital and liquidity, and the enforcement of regulations such as the Volcker Rule, which restricts lenders from investing with their own money.




Read more: https://www.bloomberg.com/news/articles/2017-07-26/trump-pick-for-fed-s-wall-street-watchdog-plans-to-ease-rules

[geretogo]

1. They are going to crash the economy again . People should take all their money out of banks

and put it in their credit union or under their bed in a safety box . That's where I have mine .

[Jimbo101]

2. 2008 was not a disaster - it was a preview of one

[Turbineguy]

3. He did not promise an economic collpase

but we'll get one as a value-added bonus!

[Crash2Parties]

4. They'll be mere figureheads if HR10 passes the Senate

It went into the House, through committee and out in four hours during & after the Comey hearing. Now in the Senate. Pretty much dismantles all those financial industry regulations since the Great Depression. Also allows the Fed Board to be all one political party, appointed by the President, and they no longer have to be US citizens (helloooo, Russian businessmen!).