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

Federal Reserve Chairman Jerome Powell expects "broad, material" changes to the Basel III proposal, which aims to raise large bank capital requirements. Powell testified that officials are reconsidering the plan in light of industry complaints about costs and potential economic impact. 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.

March 06, 2024
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