Fed President Dudley urged Congress on Monday to "do no harm" in its deliberations on whether to roll back regulations implemented during the financial crisis, reported Reuters. The U.S. government introduced sweeping economic mandates in the aftermath of the crisis, including capital and liquidity requirement on banks.
"As we reflect on potential changes to the U.S. regulatory regime, we should not lose sight of the horrific damage caused by the financial crisis, including the worst recession of our lifetimes and millions of people losing their jobs and homes," said Dudley.
Dudley, who has headed the New York bank since 2009, will retire sometime mid-2018 when his replacement is found and approved, sources told CNBC. The New York Fed confirmed the news Monday.
Last week was full of activity for the central bank. President Donald Trump announced that Fed Governor Jerome Powell will replace current chair, Janet Yellen, as the leader of the bank in 2018. Powell is considered a safe bet and a continuation of current monetary policy. The Fed is expected to raise rates for a final time in 2017 this December.
On the political front, President Trump will be continuing his trip around Asia this week. On Monday, Trump said that the States stood by Japan when it comes to dealing with the "menace" from North Korea, Reuters reported; with Trump adding that both the U.S. and Japan should work together to fix issues with trade.
The trip is expected to call attention to the president and the U.S.' commitment to longstanding alliances and partnerships within Asia.