In his first public remarks Tuesday, new Federal Reserve Governor Randal Quarles said that he believes the central bank needs to give serious consideration to what banking regulations need to be changed.
"We ought to be taking a fresh look at everything," Quarles said during a question-and-answer session in New York. He said that "in a very short period of time" the Fed will be looking at ways to make the regulatory process more transparent.
Quarles is President Donald Trump's first appointment to the Fed board and was confirmed Oct. 5, and is expected to take a more hands-off approach when it comes to banking regulations. There are still three remaining vacancies.
Speaking about the various processes and rules put into place since the crisis, Quarles said he'd like to see the Fed become more transparent about what it wants from banks in the annual stress tests, a frequent complaint from the industry.
"Part of transparency is being open to input," he said. "One of the reasons for transparency is part of the basic view of the relationship between the government and the governed. If there are going to be rules, we should probably let the people know what they are."
Quarles did not offer any views on monetary policy. Markets figure a December interest rate hike is a lock, there though is less certainty about the pace into 2018.
Reference: CNBC
Read more: https://www.cnbc.com/
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