Efficiency a new focus in regulating Wall Street: Fed’s Quarles

NEW YORK (Reuters) – The Federal Reserve aims to balance its focus on safety and soundness in regulating the U.S. financial system with a renewed focus on efficiency, the central bank’s new head of bank supervision said on Friday.

“Efficiency has to be equally important with safety and soundness in our regulatory responsibilities,” Fed Governor Randal Quarles, the vice chair of supervision, told a small gathering of some of the world’s current and former monetary policymakers in New York.

“We need to achieve safety and soundness, but where we have choices we need to make the most efficient choices,” he added.

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