COVENTRY (Reuters) - Dodd-Frank financial regulation legislation may not be repealed as a whole, though there may be some adjustments to it, Federal Reserve Vice Chair Stanley Fischer said, speaking at an Economics summit at Warwick University.
“I don’t think the Dodd-Frank as a whole is going to be repealed, there may be some adjustments in it,” he said.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