In a speech, Federal Reserve Vice Chair for Supervision Michelle Bowman lamented the missed opportunities to reduce regulatory burden on banks as part of recurring reviews mandated by the Economic Growth and Regulatory Paperwork Reduction Act, or EGRPRA.

Bowman said past reviews have been “underwhelming.” According to Bowman, many of the Federal Reserve’s regulations have not been reviewed or updated in 20 years.

“Given the dynamic nature of the banking system and how the economy and banking industry have evolved over that period, we should update and simplify many of the board’s regulations, including thresholds for applicability and benchmarks. These thresholds should also be indexed to account for economic growth and inflation.”

Author: sdbrownlow

Student of Design