Donald Trump’s nominee to chair the Federal Reserve has signaled an end to the era of ratcheting up regulation on US banks, saying the existing rules were “tough enough” to ensure a stable system and that there were ways to tailor the regime.

Jay Powell said he was supportive of the idea of re-writing the Volcker rule banning banks’ proprietary trading and argued there had been significant progress toward ending the problem of banks that are too big to fail.

At his confirmation hearing on Capitol Hill, Powell was challenged by Elizabeth Warren, the progressive Democratic senator, who said she was “deeply concerned” that Powell believed the biggest problem with the current regime was that the rules were too tough on Wall Street banks.

Read more in the Milwaukee Business Journal.