The Federal Reserve’s top regulator is facing heat from both sides of the aisle as his two-year campaign to pare down the massive, post-crisis rulebook for the nation's banks draws to a close
The Federal Reserve’s top regulator, Randal Quarles, is facing heat from both sides of the aisle as his two-year campaign to pare down the massive, post-crisis rulebook for the nation's banks draws to a close.
The agencies also loosened regulations for regional banks like PNC and Capital One, which aren’t as big or complex as JPMorgan Chase or Bank of America but still have a large economic footprint. A significant unfinished rule is still high on the Fed’s agenda: the proposed stress capital buffer, which would overhaul the stress tests for large banks.
Quarles came into office as the Trump administration pledged to hack away at the Dodd-Frank Act, after the law had opened the way for Obama-era appointees to spend years imposing a suite of new regulations. Still, former officials warn of death by a thousand cuts. “It could’ve been worse,” said Sheila Bair, who headed the FDIC through the crisis. “But it’s been directionally all towards weakening.”
The Fed and four other agencies were unsatisfied with the 1,000-page rule, which aims to encourage bank trades that are good for the financial system while banning those that are profit-driven gambles. The Fed under Quarles also implemented a bipartisan 2018 law that directed regulators to decrease rules on small and regional banks, the culmination of a yearslong push by those firms.
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