Powell says he favors loosening some bank regulations

WASHINGTON (AP) — Jerome Powell, President Donald Trump's pick to be chairman of the Federal Reserve, told senators at his confirmation hearing Tuesday that he believes some bank regulations can be rolled back — something the administration and Wall Street favor. But he stressed that he will protect the central bank's political independence, calling it vital for the Fed's role.

Powell also strongly hinted in his appearance before the Senate Banking Committee that the Fed would hike rates again in December.

Powell said he believed that the Dodd-Frank Act, passed in the wake of the devastating 2008 financial crisis, had succeeded in making the financial system stronger, including ensuring that no major institution now is too big to fail.