Federal Reserve Governor Jerome Powell urged Congress to rewritethe Volcker Rule, which restricts proprietary trading, while urging“a high degree of vigilance” against the buildup of financial risksamid improving U.S. growth.

“What the current law and rule do is effectively force you tolook into the mind and heart of every trader on every trade to seewhat the intent is,” Powell said Saturday at the American FinanceAssociation meeting in Chicago. “Is it propriety trading orsomething else? If that is the test you set yourself, you are goingto wind up with tremendous expense and burden.”

Powell's comments compare to Fed Chair Janet Yellen, who hassupported the sweeping bank rules of the 2010 Dodd-Frank Act in thewake of the global financial crisis. President-elect Donald Trumphas vowed to dismantle Dodd-Frank. The Volcker Rule restricts bankswith taxpayer-backed deposits from making certain types ofspeculative “proprietary” trades.