Fed official proposes going beyond Senate bill to ease bank rules

A top Federal Reserve official said Monday that the central bank should go beyond the pending bipartisan Senate bill in providing regulatory relief for regional banks.

“Just as there is a strong public interest in the safety and soundness of the financial system, there is a strong public interest in the efficiency of the financial system,” Fed vice chairman for supervision Randal Quarles said in remarks prepared for congressional testimony Tuesday, making the case for revisiting the post-crisis regulations that apply to banks.