Federal Reserve Board Vice Chair for Supervision Michael S. Barr testifies at a Senate Banking, Housing and Urban Affairs Committee hearing on "Recent Bank Failures and the Federal Regulatory Response" on Capitol Hill in Washington, March 28, 2023.
Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would've boosted capital requirements for the world's largest banks by roughly 19%.
The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.
"There are benefits and costs to increasing capital requirements.
That would likely boost capital requirements by 3% to 4% over time, Barr said.
Persons:
Michael S, Barr, Michael Barr, could've, Jamie Dimon
Organizations:
Banking, Housing, Urban Affairs, Federal, Fed, Federal Deposit Insurance Corp, Brookings Institution, JPMorgan Chase
Locations:
Washington, Basel