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flag Federal Reserve Chairman Powell expects significant changes to Basel III proposal due to industry concerns.

flag Federal Reserve Chairman Jerome Powell expects "broad, material" changes to the Basel III proposal, which aims to raise large bank capital requirements. flag Powell testified that officials are reconsidering the plan in light of industry complaints about costs and potential economic impact. flag He noted that the final product will likely have broad support and may involve a repurposing of the rule to solicit further feedback, which could delay the project.

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