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Fed's Bullard: Large Bank Capital Requirements to be Halved to 9%
The Golden Ten Data, September 10th News, According to foreign media reports, Randal Quarles, vice chairman in charge of supervision at the Federal Reserve, stated that the U.S. regulatory agencies will make sweeping changes to their bank capital rules proposal, cutting the expected impact on the largest banks in half and exempting most measures for smaller banks. In a speech on Tuesday, Quarles previewed the proposed changes to bank capital reform, with the original plan for regulatory agencies to raise the capital of the top eight U.S. banks by 19% being revised to a reduction of approximately half. Lending institutions including Citigroup (C.N), Bank of America (BAC.N), and JPMorgan Chase (JPM.N) will now face a requirement to increase capital by 9% to cushion financial shocks. The revised proposal may alleviate the main concerns of Wall Street banks. Following the release of the capital plan by the Federal Reserve and two other financial regulatory agencies in July 2023, Wall Street banks initiated one of the most intense lobbying activities. The complete revised proposal is expected to reach 450 pages and may be released as early as September 19th.