Trump's nominee for Fed says banking rules need 'refinements'

U.S. banking rules must protect the financial system but they need "some refinement," President Donald Trump's nominee for the Federal Reserve's top regulatory post told lawmakers on Wednesday.

"As with any complex undertaking, after the first wave of reform, and with the benefit of experience and reflection, some refinements will undoubtedly be in order," Randal Quarles told the Senate Banking Committee in prepared testimony ahead of his confirmation hearing.

If confirmed by the Senate, Quarles will be the central bank's top official tasked with protecting the stability of the financial system.

(Reporting by Patrick Rucker and Pete Schroeder; Editing by Lisa Shumaker)