US Federal Reserve Board Governor Jerome Powell gave a speech at the Global Finance Forum assessing the “core reforms” of the post-crisis financial regulatory framework. Although Governor Powell generally defended such reforms, he acknowledged that some aspects of the framework could be better tailored and less burdensome, in particular with respect to regulations that have been applied to small and medium-sized institutions.  In addition, Governor Powell acknowledged that the post-crisis framework was, in many cases, excessively complex, and called for, among other things, a reassessment of the Federal Reserve’s supervisory expectations of the boards of directors of banking firms.

View text of the speech.