美联储理事米兰呼吁优先改革银行监管，称繁琐规则拖累行业发展

Core Viewpoint - Federal Reserve Governor Stephen Milan emphasizes the need to reassess regulatory frameworks for Wall Street before addressing other economic issues related to the central bank's balance sheet [1] Group 1: Regulatory Environment - Milan notes that financial regulation has increasingly tightened over the years, leading to a disconnect between traditional banking operations and regulatory oversight [1] - He argues that the interaction between regulation, financial markets, and the implementation of monetary policy is often underestimated [1] - Milan warns against overreacting in regulatory responses, suggesting that rules established post-2008 financial crisis may have gone too far, resulting in traditional banking activities moving out of the regulatory scope due to "burdensome rules" [1] Group 2: Market Dynamics - The discussion surrounding bank reserves, their interest, balance sheet composition, and the role of intermediaries in the Treasury market is seen as downstream issues of the banking regulatory framework [1] - Milan expresses that credit allocation should be driven by market forces rather than regulatory arbitrage, indicating a preference for a market-oriented approach over regulatory constraints [1]