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Randal Quarles, nominated by the president to serves as a Federal Reserve Board governor and the Fed's vice president for supervision, indicated support Thursday for making "refinements" to the Dodd-Frank Act.

Quarles has been nominated to fill out the remainder of a 14-year Fed Board term expiring Jan. 31, 2018, followed by an additional 14-year term that expires Jan. 31, 2032; and to serve a four-year stint as the Fed's vice chairman for supervision.

Testifying before the Senate Banking Committee, Quarles told members of the panel that he favors ideas floated by former Fed Gov. Daniel Tarullo, whom he is named to succeed, to simplify the Volcker rule (barring banks' speculative trading on their own account); ease certain community bank capital requirements; and revise big-bank stress test requirements.

In his testimony, he acknowledged that regulatory policies enacted since the financial crisis have improved financial system safety and soundness. "But 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," he said.

During discussion with panel members, Quarles said he supports greater transparency in the Fed's regulatory activities.

Quarles currently heads Cynosure Group, an investment firm. He previously served as a senior official in the Treasury Department under President George W. Bush. He is expected to win easy confirmation in the Senate once his nomination is reported out by the committee.