The chair of the Federal Reserve said it was likely to make “broad and material changes” to proposals to rewrite banks’ capital rules, as Republicans called for the existing interpretation of the so-called Basel III endgame package to be scrapped.
Jay Powell told lawmakers on Wednesday that he did “hear the concerns” from lenders over the US interpretation of capital standards crafted by global regulators that form the Basel Committee on Banking Supervision.
“I do expect that there will be broad and material changes to the proposal,” he said, as he gave his semi-annual testimony on monetary policy to Congress.
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