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

  • Randal Quarles says refinements ‘undoubtedly in order’
  • OCC pick Joseph Otting defends his tenure running OneWest
Bloomberg business news

Trump Appoints Quarles as Top Bank Cop

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.