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Fed's Fischer doesn't think Dodd-Frank will be repealed
February 11, 2017 / 12:47 PM / 8 months ago

Fed's Fischer doesn't think Dodd-Frank will be repealed

COVENTRY (Reuters) - Dodd-Frank financial regulation legislation may not be repealed as a whole, though there may be some adjustments to it, Federal Reserve Vice Chair Stanley Fischer said, speaking at an Economics summit at Warwick University.

Federal Reserve Vice Chairman Stanley Fischer attends the Federal Reserve Bank of Kansas City's annual Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 28, 2015. REUTERS/Jonathan Crosby/File Photo

“I don’t think the Dodd-Frank as a whole is going to be repealed, there may be some adjustments in it,” he said.

The Dodd-Frank rules include requirements for banks to maintain higher amounts of capital, established after the financial crisis of 2008-09.

“There are many aspects that are extremely important,” Fischer said. “Significantly reducing capital requirements would reduce the safety of the system. I would certainly hope it’s not going to happen.”

The comments came the day after the Federal Reserve Board’s top bank regulator, Daniel Tarullo, said he would resign, giving a boost to President Donald Trump’s plans to ease reforms put in place after the 2007-09 financial crisis.

Reporting by Helen Reid, Editing by Abhinav Ramnarayan

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