Federal Reserve Governor Stephen Miran has called for a reworking of Wall Street regulations before policymakers weigh other economic questions around the central bank’s balance sheet. “For many years, financial regulation mostly moved in one direction, increasingly restricting the banking sector,” Miran said, going on to observe that there was regulatory over-reach following the 2008 financial crisis, which caused many traditional banking activities to migrate away from the regulated sector. “While I have no bias against nonbank financial companies, credit allocation should be driven by market forces, not regulatory arbitrage,” he said.
Fed’s Miran wants a reworking of bank rules
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