Treasury Secretary Steven Mnuchin said the Financial Stability Oversight Council will propose SIFI criteria before executing changes, and provided comments about the Volcker Rule, Orderly Liquidation Authority and housing finance.
The banking industry braced for big changes with the election of President Trump, but the financial reform law has proven its staying power over the past year.
The industry derides the proprietary trading ban as costly, and the Trump administration has heard those concerns. Yet regulators must choose between subtle though expedient pin-prick changes versus a more drastic overhaul.
A bipartisan Senate alliance working on a bank regulatory relief bill appeared even stronger Tuesday as it worked to minimize changes in the interest of moving the legislative package to the Senate floor.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg raised concerns about provisions that would significantly increase the systemic risk threshold for large banks, as well as one that would change the calculation for the supplementary leverage ratio.
Acting Comptroller of the Currency Keith Noreika said he thinks regulators can make a case for an exemption to carve out all small banks from the ban on proprietary trading.
During his time as Fed governor, Chair-designate Jerome Powell has outlined his views on a host of bank regulatory matters, including the need for regulatory relief, the push for housing finance reform, blockchain and much more.
The Senate's repeal of the Consumer Financial Protection Bureau rule is arguably the industry's biggest policy victory since passage of Dodd-Frank. But is it the sign of a trend?
The Fed announced Vice Chairman Stanley Fischer will depart in October, giving Trump the ability to rapidly reshape the central bank and target Dodd-Frank Act rules.
