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.