Efficiency to be the focus in regulating Wall Street

New York

THE Federal Reserve's new regulatory chief said on Friday that efficiency would be a focus as the US central bank rethinks rules adopted in the wake of the 2007-2009 financial crisis, and would serve to balance its existing goals of safety and soundness.

The comments by Fed Governor Randal Quarles, who took the job of vice-chair of supervision last month, mark his strongest hint yet that the central bank could back some of the Republican and White House efforts to slash seven year-old controls on Wall Street risk-taking.