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Federal Reserve Vice Chair for Supervision Michael Barr announced in Washington a significant rollback of the proposed Basel III Endgame capital rules on Tuesday, following intense lobbying by major banks. This decision has been met with criticism from various quarters, including Better Markets, which described the action as 'baseless and unjustified.' President and CEO Bob Broeksmit also issued a statement following Barr’s speech. The revised rules are seen as a win for banks, which had argued that higher capital requirements would constrain lending. The announcement has sparked a debate on the implications for financial stability and regulatory oversight.
In the decade or so after the financial crisis, big banks had their tails between their legs. Now the power dynamics have flipped. Regulators capitulated to an emboldened and aggressive Wall Street. https://t.co/hNYiVtUhgJ
RELEASE: BPI Statement on Vice Chair Barr's Announcement BPI responded to Federal Reserve Vice Chair for Supervision Michael Barr’s recent remarks on the Basel Endgame proposal: “It is imperative that we get this right, but the devil is in the details.”
How Wall Street won 'capitulation' from the U.S. Federal Reserve on new bank rules https://t.co/VKD1xtPU7l https://t.co/7SN6WztR0B
