OLYMPIA FIELDS, Ill. Feb 3 Chicago Federal
Reserve President Charles Evans on Friday defended the sweeping
Wall Street reforms that U.S. President Donald Trump wants to
rethink, saying they have forced banks to hold more and better
capital, which is a "good thing."
Evans, after a talk at a benefit for Prairie State College
in Olympia Fields, said he agrees the burden on community banks
to comply with new rules has increased. He added that Fed
Governor Daniel Tarullo has led efforts at the Fed to tailor
rules so that smaller banks are not overly burdened.
Still, he said, there is some "nefarious activity" and
potentially money that could fund terrorism in the banking
system, and there must be a balance so that consumers are
protected. Consumers also need appropriate protection when being
provided retirement advice, he said.
President Donald Trump plans to order a review of the
Dodd-Frank Wall Street reforms and halt a Labor Department rule
designed to curb potential conflicts among brokers who give
(Reporting by Ann Saphir; Editing by Chizu Nomiyama)