In June, he proposed reducing the powers of the main consumer watchdog, the Consumer Financial Protection Bureau, weakening the Fed’s oversight of large financial institutions and looser mortgage lending rules. It brought in hundreds of new regulations including tougher consumer lending rules and the need for banks to hold bigger capital reserves. Yellen said: “The evidence shows that reforms since the crisis have made the financial system substantially safer. Reforms have boosted the resilience of the financial system. Trump has already nominated a new Fed vice-chair of financial supervision, Randal Quarles, who has signalled an appetite to lessen the burden of regulation.

Source: The Guardian August 25, 2017 16:00 UTC