Federal Reserve Chairman Jerome Powell said Wednesday the central bank and other regulators will be making significant changes to a contentious plan to raise large bank capital requirements.
Testifying before Congress, Powell said officials have begun reconsidering the so-called “Basel III endgame” proposal unveiled in July, and are aware of industry complaints about its cost and potential economic impact.
“We do hear the concerns and I do expect there will be broad material changes to the proposal,” he told the House Financial Services Committee. “I’ll add that I’m confident that the final product will be one that has broad support at the Fed and in the broader world.”
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