US Fed chair nominee says bank rules tough enough

US Federal Reserve Governor Jerome Powell, the nominee for the next chair of the Fed, has said the current regulatory rules on financial institutions are tough enough and he supported easing regulatory burdens on some institutions.

"I think they're tough enough," said Powell on Tuesday in his confirmation hearing at the Senate Banking Committee when answering question whether any regulatory rules on financial institutions should be made tougher, Xinhua reported.

Powell defended the regulatory regime the Fed has adopted since the financial crisis, saying that "I can't really think of a place where we are lacking an important rule."

However, he supported the central bank to ease regulatory burdens on some financial institutions.

"Tailoring of regulation is one of our most fundamental principles," said Powell.

He supported that the Fed to continue maintaining "the most intense and the most stringent" regulations on big and complex institutions and easing burdens on regional and community banks.

Powell, who is currently a member of the Fed's Board of Governors, was nominated by President Donald Trump to replace current Chair Janet Yellen, whose term as chair expires in February 2018.

--IANS

pgh/