Fed open to reducing regulatory burdens on banks, Powell says

U.S. banks today "are as strong as any in the world" allowing the U.S. central bank to look for ways to reduce unnecessary burdens on the sector, said Federal Reserve Gov. Jerome Powell. In testimony prepared for delivery to a Senate Banking Committee hearing on Thursday morning, Powell said he thought the Fed could consider phasing out the qualitative part of the stress tests. Ian Katz, an analyst with Capital Alpha, called ditching the qualitative part of the stress test "a major headache relief for the banks." Powell said the Fed was also open to looking for ways to improve the Volcker......(read more)

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