OLYMPIA FIELDS, Ill., Feb 3 (Reuters) - 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 retirement advice (Reporting by Ann Saphir; Editing by Chizu Nomiyama)