By Ryan Tracy

NEW YORK -- If President-elect Donald Trump's administration seeks to roll back new banking rules adopted since the financial crisis, it will likely find regulatory staff open to smaller changes but resistant to major ones.

That was the takeaway from comments made Tuesday by Michael Gibson, the Federal Reserve's director of bank regulation, when asked whether the rules could change under the next president.

"We started down this road of regulatory reform for a very good reason," Mr. Gibson, director of the Fed's division of banking supervision and regulation, told a conference hosted by The Clearing House trade group.

He discussed the failures of risk management by both banks and regulators before the 2008 bailouts, adding that the rules, especially capital and liquidity requirements, "have had a broad consensus behind them and I hope that they stay."

Still, Mr. Gibson said officials would implement any changes directed by Congress, adding that the Fed should be open to tweaking rules that are demonstrably unnecessary.

"We are looking for those places where there could be some adjustment or needs to be some adjustment, and I think that is a continual process," he said, citing as an example the recently proposed changes to the Fed's stress tests for regional banks.

Mr. Gibson also pointed out that the next president will be able to influence the central bank's policy by filling two open seats on the Fed's Washington governing board.

Another senior Fed staffer, Andreas Lehnert, deputy director of the financial stability division, told the conference that policy makers should be open to"revisiting the whole suite of postcrisis financial rules" and examining whether they are having unintended consequences.

Write to Ryan Tracy at

(END) Dow Jones Newswires

November 29, 2016 13:45 ET (18:45 GMT)

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