Fed's Dudley: U.S. should rethink parts of Dodd-Frank law including Volcker rule

New York Fed President William Dudley crossed the wires, via Reuters, saying that the U.S. should rethink parts of Dodd-Frank law including Volcker rule.

Key quotes

• U.S. should consider adjustments to 'stress tests', lessening burdens on small banks
• Global Basel meetings benefit U.S.; Fed should continue participation despite political criticism
• Defends progress stabilizing financial system, warns against removing 'last resort' government liquidation option