Federal Reserve Chair Jerome Powell, during his testimony before the House Financial Services Committee, indicated that the central bank is likely to make significant changes to its proposed Basel III Endgame capital requirements, in light of the March 2023 bank failures. This comes amid widespread criticism from both sides of the political aisle, with concerns that the proposal could reduce access to affordable credit and negatively impact lending to families, small businesses, manufacturers, and farmers. Powell noted that a re-proposal of the Basel III Endgame is a "very plausible option," acknowledging the "broad and material changes" expected to be made to the proposal. This statement follows a letter from Committee Republicans, led by Chairman Patrick McHenry and Rep. Andy Barr, to President Biden's banking regulators, demanding the withdrawal of the "fatally flawed" proposal. The criticism is supported by a significant portion of public comments, with 97% expressing disapproval.
⚠️ POWELL SAYS HE EXPECTS "BROAD, MATERIAL" CHANGES TO BASEL PROPOSAL Full Story → https://t.co/Ny4EvUJOH4 Federal Reserve Chairman Jerome Powell said he expects bank regulators will adopt "broad, material" changes to a contentious plan to raise large bank capital…
Fed Chair Jerome Powell expects "broad and material changes" to its capital rules endgame. The Fed might even repropose a new version. “It’s a very plausible option,” he said. https://t.co/1qABGnsSIj My call in Jan was delay and rethink: read @opinion https://t.co/cVudaA82fs
Federal Reserve Chair Jerome Powell says that the central bank is likely to significantly change its plan to require large lenders to hold more capital https://t.co/GsBMdGQz3b https://t.co/6wGbzSM69k
Federal Reserve Chair Jerome Powell says that the central bank is likely to significantly change its plan to require large lenders to hold more capital https://t.co/k5he6tuwJ0 https://t.co/DAXQlZVsXu
Fed Chair Powell expects there will be broad material changes to the Fed’s proposed capital requirements known as Basel III. @Jenniferisms reports: https://t.co/Dje9rdzZ3i
Fed Chair Powell is on Capitol Hill today to testify at @FinancialCmte. By now, it is crystal clear that the Basel III Endgame proposal needs to be withdrawn due to the lack of consideration of how it would reduce lending to families, small businesses, manufacturers, & farmers. https://t.co/eOGZ9TocPV
Got quid pro quo? @federalreserve Chair Jerome Powell said the central bank is likely to significantly change its plan to require large lenders to hold more capital. @business
Fed Chair Jerome Powell says reproposal of Basel III Endgame is a "very plausible option," during his testimony before the House Financial Services Committee. "If, when we get to that point, that turns out to be the appropriate thing, we won't hesitate to do it." https://t.co/Cl8TLQThzK
🚨 BREAKING: Under questioning from Chairman @PatrickMcHenry, Fed Chair Powell says there will be "broad and material changes" to the Basel III Endgame proposal. This follows bipartisan opposition to this fatally flawed proposal that will reduce access to affordable credit. https://t.co/7yCZkScEGR
****POWELL: DO EXPECT BROAD, MATERIAL CHANGES TO CAPITAL PROPOSAL*** @markets
Powell says the Fed hasn't decided whether or not to repropose its Basel endgame regulatory proposal. "It's a very plausible option." "There will be broad and material changes to the proposal."
Fed's Powell: We Haven't Made Any Decisions Yet On Proposed Capital Rules - Expect Broad Material Changes To Basel 3 Proposal
"The Fed needs to withdraw and re-propose the irredeemably flawed Basel III Endgame proposal, especially given that 97% of public comments across the ideological spectrum expressed disapproval of the proposal." @RepAndyBarr See https://t.co/JoeqX9ItpM. @lathamwatkins https://t.co/gPBm9OyKBK
Banking policy must be based on data and sound economic analysis. I joined my @FinancialCmte colleagues in sending a letter to Chair Powell today urging the Fed to withdraw its politicized Basel proposal—which has generated bipartisan opposition. https://t.co/fHz3C4If7F
The Basel III endgame proposal is fundamentally flawed and is a risk to our economic stability. Chairman @PatrickMcHenry and I led a led a letter with all @FinancialCmte Republicans calling for an immediate withdrawal of this proposal. Read more ⬇️. https://t.co/10aTJGRDvZ
This morning @federalreserve Chair Powell will testify before the @FinancialCmte. As we approach the anniversary of the collapse of #SiliconValleyBank, there is still a lack of accountability from regulators and no plan of action to prevent a future crisis.…
#NEW: Ahead of a hearing with Fed Chair Powell, all Committee Republicans—led by Chairman @PatrickMcHenry & @RepAndyBarr—sent a letter to Biden's banking regulators demanding they withdraw their fatally flawed Basel III Endgame proposal. Read more 🔗 https://t.co/1yJSQqtMW7 https://t.co/CFrlLUOzsN
Starting now: Lessons learned from March 2023 bank failures. #BankFail. Watch: https://t.co/hNk8HTaGYM https://t.co/IehIU6zuwG
We are approaching the 1 year anniversary of the collapse of #SilconValleyBank & the regional banking crisis that followed. In order to stop the next crash, we need to understand what went wrong. Watch @DennisKelleher explain how the crisis happened. You can find out more about… https://t.co/N0eOGCTQSa